Gemini closed up 14.3% at $32 per share in its Nasdaq debut, giving it a ~$3.8B market cap, after the Winklevoss twins' crypto exchange raised $425M in its IPO
Gemini priced above its initial proposed range and completed a $425M IPO at $28 per share, following an earlier plan that contemplated shares at $17 to $19. The first-day close at $32 tests public-market demand for the exchange at a higher valuation than that initial target implied.
Nasdaq was not only the listing venue: it had agreed to a $50M concurrent private placement in Gemini shares. That makes the debut relevant both as an issuer-financing event and as a signal of institutional support around the flotation.
First-order effects
Gemini gains $425M of IPO proceeds and a public equity currency, while its $32 close establishes an initial market value of roughly $3.8B for shareholders.
Investors who received IPO shares see an immediate gain, and Nasdaq's accompanying investment is marked against a higher public closing price.
Second-order effects
The strong pricing and aftermarket move improve the reference point for other crypto businesses considering public listings, while raising the valuation benchmark they will be measured against.
Gemini now faces more visible public-market scrutiny of the financial profile disclosed ahead of the offering, including its reported H1 loss and revenue decline in the prior-year comparison.
Third-order effects
If crypto exchanges can consistently raise capital and retain public-market support, competition may increasingly turn on balance-sheet capacity and access to listed equity, rather than private funding alone.
The Nasdaq investment alongside the listing suggests exchange operators can become more active participants in issuer ecosystems; whether that becomes repeatable depends on the performance of these newly public companies.
The trend: Gemini's debut is part of a broader reopening of public-equity financing for crypto-market infrastructure, with listing venues and investors helping validate issuers at the point of market entry.
People are saying two crypto companies went public this week (Figure and Gemini). I saw a mortgage lender and an exchange go public. Disruption has come for financial services.
Crypto is moving mainstream. This milestone is more than a headline. It's proof of years of building, believing, and pushing the industry forward. To every Gemini user and employee who made this possible, thank you. 🧡 [image]
One of the harmful consequences of the Fed's keeping interest rates too low is that money-losing crypto companies like $GEMI suck up investment capital that otherwise would have been invested in productive ventures. The result is rising trade deficits and higher consumer prices.
Huge congratulations to @cameron & @tyler on the IPO. People often ask me what the number 1 thing I learned working for them was. My answer is that I learned how powerful courage is. Time and time again, I witnessed C&T place high conviction bets with enormous courage and then
Milestone: @Gemini IPO ✅ I had the incredibly rare opportunity to join the podium for the opening bell at Nasdaq today! For many of us, this marks a significant end of one chapter and the start of an incredible next chapter in our mission. [image]
Congratulations to @cameron and @tyler of @Gemini on your @NasdaqExchange debut! Fearless leaders pushing boundaries in crypto and politics alike. Happy for you!
This week was my 4 year anniversary at @Gemini and today was our listing day at @Nasdaq 👏 So incredible to celebrate this milestone on the most special of special days with the best people I know 🎉 Beyond excited for all the future holds 🥰 [image]
🌐 Where the world buys, sells, and earns crypto. 🤝 @Gemini is the bridge between crypto and traditional finance, built for what's next. 🎉 Proud to call you #NasdaqListed, $GEMI! [image]