Gemini Stock Surges 23% in Volatile Nasdaq Debut
The cryptocurrency exchange, founded by the Winklevoss twins, saw shares spike as much as 45% on its first day of trading.
Gemini Space Station (GEMI), the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, experienced a volatile but ultimately successful debut on the Nasdaq. Shares surged as much as 45% intraday before closing with a strong 23% gain, signaling robust investor appetite for crypto-related equities even as broader market indices showed mixed performance.
The highly anticipated IPO was priced at $28 per share, and the company successfully raised $425 million. The stock opened for trading and quickly shot up, briefly touching $40 before settling around $35 by the closing bell. This gives the digital asset platform an initial market capitalization of approximately $1.3 billion and marks a significant milestone for the burgeoning digital asset sector.
Gemini's successful launch is part of a larger trend in 2025 that has seen several crypto-focused companies go public with impressive results. It follows the recent IPO of stablecoin issuer Circle (CRCL), which soared over 160% on its first day. The strong investor reception for these companies underscores a growing confidence in the long-term viability of the digital asset ecosystem.
The market's enthusiasm for GEMI came on a day when major indices like the Dow Jones Industrial Average and the S&P 500 amid new economic data. Softer-than-expected consumer sentiment figures and rising inflation expectations have largely solidified predictions for a Federal Reserve rate cut at its next policy meeting. Despite this wider market uncertainty, the demand for , with investors seemingly eager to gain exposure to the next phase of growth in financial technology.