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By Helene Braun|Edited by Stephen Alpher, Nikhilesh De
Updated Sep 12, 2025, 5:55 p.m. Published Sep 12, 2025, 5:47 p.m.
- Gemini shares flew higher to $41 in early trades after last night’s IPO.
- The company raised $425 million through the sale of 15.2 million shares at $28 each, valuing it at about $3.3 billion.
- Gemini’s IPO follows a growing list of crypto firms, including Bullish, Circle, eToro and Figure Technologies, that have gone public in 2025.
Shares of Gemini (GEMI) opened at $41 a share on the Nasdaq Global Select Market on Friday, rising 45% from last night’s IPO price.
STORY CONTINUES BELOW
The crypto exchange, which is run by Tyler and Cameron Winklevoss, priced its IPO at $28 a share, valuing the company at around $3.3 billion. It had sold 15.2 million shares, raising $425 million.
Gemini posted a net loss of $283 million in the first half of the year. That follows a $159 million loss for all of 2024, according to the company’s latest financials.
Despite the deepening red ink, Gemini priced its IPO nicely above the initially hoped-for level and secured a $50 million strategic investment from Nasdaq earlier this week. The stock exchange operator said the deal is intended to expand access to Gemini’s crypto custody services for institutional clients. It also positions Gemini as a distribution partner for Nasdaq’s trade management software, Calypso.
Gemini’s IPO follows that of other crypto-native platforms, including stablecoin issuer Circle (CRCL), Bullish (BLSH), eToro (ETOR) and Figure Technologies (FIGR), that also went public this year in what appears to be a booming capital market for crypto firms amidst a wave friendly U.S. regulatory action. Bullish Global is CoinDesk’s parent company.
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By Siamak Masnavi, AI Boost|Edited by Aoyon Ashraf
1 hour ago
SOL gained 6% to trade near $240 as the Galaxy Digital CEO explained why he is bullish on Solana and a top analyst projected a technical breakout pointing toward $1,314.
What to know:
- SOL rose almost 6% in 24 hours, outperforming the broader crypto market, which went up 1.2% during the same period.
- Analyst Ali Martinez mapped a cup-and-handle breakout with a $1,314 target.
- Mike Novogratz said Solana can process 14 billion transactions daily, calling it ready for global markets.
