Gemini's Strong Market Debut After IPO
Gemini Starts Strong Post-IPO
Shares of Gemini (GEMI), the crypto exchange founded by Tyler and Cameron Winklevoss, experienced a significant surge upon their debut on the Nasdaq Global Select Market on Friday. Opening at $41 per share, the stock climbed 45% from its IPO price.
Key IPO Details
The company priced its initial public offering at $28 a share, giving Gemini a valuation of approximately $3.3 billion. The IPO involved the sale of 15.2 million shares, successfully raising $425 million.
Financial Performance
Despite market enthusiasm, Gemini's financials reveal a net loss of $283 million in the first half of the year, following a $159 million loss for all of 2024.
Strategic Investment from Nasdaq
Prior to the IPO, Gemini secured a $50 million strategic investment from Nasdaq. This partnership aims to broaden access to Gemini’s crypto custody solutions for institutional investors and positions Gemini as a distribution partner for Nasdaq’s Calypso trade management software.
Broader Trend of Crypto IPOs
Gemini's IPO is part of a wave of crypto-native platforms going public this year, including:
- Circle (CRCL)
- Bullish (BLSH)
- eToro (ETOR)
- Figure Technologies (FIGR)
This trend suggests a growing appetite in capital markets for crypto companies.