Gemini Stock Debuts on Nasdaq Following $425M IPO

Gemini’s initial plan for its IPO was $317 million, but the offering attracted more investors, ultimately raising $425 million.

Samuel Wilfred•September 12, 2025

The Winklevoss twins-founded crypto exchange, Gemini, has completed its initial public offering (IPO), raising $425 million ahead of its official listing on the New York-based Nasdaq stock exchange. The firm’s offering surpassed initial expectations by over 30% signaling increased investor interest in acquiring shares of leading crypto firms.

According to data from Google Finance, the company’s stock, GEMI, was officially listed on Friday and experienced a surge of over 40% within a few minutes of the market opening.

$425M Raised Via Gemini IPO

According to a report before the IPO, Gemini revealed that it had collaborated with Nasdaq to become one of its major early investors by purchasing $50 million worth of GEMI stock. Top U.S. banks, including Goldman Sachs, Morgan Stanley, Citigroup, and Cantor, served as lead underwriters on the Gemini IPO.

According to Reuters, Gemini planned to initiate its IPO at a price range of $17 to $19 per share, aiming to raise $317 million from the offering. However, due to increased investor demand, the price increased to $24 and later commenced the offering at $28 per share. Upon concluding the IPO, the company sold approximately 15,178,572 shares of its Class A common stock at $28 per share, raising $425 million in proceeds. Consequently, the firm’s value increased to $3.3 billion after the offering.

Moreover, Gemini has also adopted a price-stabilizing strategy. It offered its lead underwriters a 30-day option to purchase an extra 750,000 shares to cover over-allotments. The firm also retained 10% of the offering for long-term Gemini users and insiders, leaving about 30% of the shares for retail investors via Robinhood and other platforms.

GEMI Soars on Listing

Following the stock’s official listing on Nasdaq, it moved from the predetermined $28 price to $45.89, signaling a 63% increase, leaving investors who participated in the IPO with premium profits within a short period. At press time, the stock has dropped to $32, maintaining only a 14% increase.

Remarkably, Gemini has joined Bullish and Coinbase on the list of publicly listed crypto exchanges. The list still expects more entrants as OKX eyes an IPO since its return to the U.S. market in April 2025.

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