Gemini Space Station (ticker GEMI), the crypto firm led by Tyler and Cameron Winklevoss, saw its shares trade above $40 per share on Friday, pushing its valuation, at least temporarily, to approximately $4.75 billion.
Earlier in the day, Gemini said it had raised $425 million by selling over 15 million Class A shares for $28 each after listing on the Nasdaq exchange, according to a press release. Gemini had expected a market price of $24 to $26, an increase from a previous estimate.
The trading pop on IPO day mirrors other crypto firm listings like blockchain-based financial services company Figure Technology Solutions and USDC stablecoin issuer Circle, which have also gone public this year.
Figure’s IPO debuted this week, with its shares closing approximately 24% higher than its IPO price. BitGo, Grayscale, and Kraken are other crypto companies aiming to list their shares publicly.
GEMI shares were changing hands at $33.62 as of 2:11 p.m. ET, according to Yahoo Finance.
Gemini acts as both a crypto trading platform and custodian. The firm was founded in 2014 by the Winklevoss brothers, who were previously best known for their early involvement with Facebook. According to a report from Bloomberg, the identical twins are expected to control about 94.5% of the voting power after the IPO.
“On day one it was just bitcoin. Gemini was a place people could easily and safely buy, sell and store bitcoin and now I think we have +100 tokens. So, the space has grown considerably over the last decade, but we think it’s just the beginning,” Cameron Winklevoss said during a CNBC interview on Friday.
In the same interview, the Winklevoss brothers promoted a Gemini credit card that enables users to earn cash back in bitcoin or other cryptocurrencies.
Earlier this week, Gemini disclosed that Nasdaq has an agreement to buy $50 million of Gemini’s Class A common stock in a private placement. According to a Securities and Exchange Commission filing related to its IPO last month, Gemini registered a net loss of $282.5 million for the first half of 2025, despite rocketing crypto volumes, which surprised some analysts.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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