Winklevoss’ Gemini IPO Raises $425M, GEMI Debuts on Nasdaq With $3.3B Valuation

emini, the crypto exchange founded by Tyler and Cameron Winklevoss, debuted today on the Nasdaq Global Select Market under ticker GEMI. The IPO priced at $28 a share, at the top of its raised range, raising $425 million and valuing the company at roughly $3.3 billion.

Investor Demand Oversubscribed 20x

Orders for the 15.2 million shares were more than 20 times the available supply, reflecting strong institutional demand for exposure to crypto exchanges. The deal follows recent IPOs from Bullish and Figure Technology, showing that public markets are opening to digital asset firms.

Nasdaq Invests $50 Million Alongside IPO

Nasdaq itself committed $50 million in a private placement at the IPO price, a rare vote of confidence from the listing venue. The two companies also outlined collaboration on custody, staking, and collateral management through Nasdaq’s Calypso platform, signaling Gemini’s push to align with traditional finance rails.

Related: Gemini Secures $50 Million Nasdaq Investment Ahead of IPO Debut Under Ticker GEMI

Wall Street Underwriters Back the Deal

Goldman Sachs, Morgan Stanley, Citigroup, and Cantor Fitzgerald led the offering. Analysts said their participation underscores how Wall Street is leaning further into digital asset finance after years of hesitation.

Why Pricing Was Raised Ahead of Debut

Gemini initially marketed shares at $17–$19, before lifting guidance to $24–$26 on heavy demand. Landing at $28 confirmed the market’s confidence, though analysts flagged that without the cap, proceeds might have touched $433 million.

Crypto IPO Momentum Builds in 2025

The Gemini debut is part of a wave of crypto listings this year. Figure Technology raised $787.5 million in its IPO, while Bullish and Circle have also gone public. With crypto ETFs drawing inflows and the Trump administration signaling regulatory clarity, appetite for equity exposure to digital assets is climbing.

Why Gemini’s Debut Matters for Comparisons

With Coinbase (COIN) and Bullish (BLSH) already listed, GEMI adds a third U.S.-traded exchange equity. That gives desks a new comp set to track exchange volume, custody revenue, and staking take-rates across the sector.

Risk Overhang: SEC Earn Case Still in Play

Despite the strong debut, Gemini still faces a live SEC lawsuit over its former Earn program. Analysts noted that ongoing litigation may weigh on multiples until there’s a resolution, even as today’s listing broadens investor exposure to the exchange sector.

Related: Cameron Winklevoss introduces Gemini Credit Card with XRP rewards