Lead
The Gemini IPO landed on Nasdaq on Friday, September 12, 2025, raising about $425 million in a widely watched listing. The Gemini IPO saw shares open 32% above the offering price and settle near $37.01, signaling strong demand. The Gemini IPO was marketed with a $24–$26 range and used a directed-share program to broaden participation. The Gemini IPO marks a major step as the Winklevoss-founded exchange enters U.S. public markets. Investors, regulators, and crypto firms tracked the Gemini IPO closely.
Gemini’s Nasdaq debut
Gemini listed its stock on Nasdaq under the GEMI ticker and the Nasdaq debut framed market expectations. The Gemini IPO on Nasdaq highlighted growing appetite for cryptocurrency firms on public markets. The Gemini IPO headline performance followed weeks of roadshows and investor meetings. The Gemini IPO also brought renewed focus to exchange business models and custody services. The Gemini IPO showcases how crypto firms can reach a broader investor base.
Goldman Sachs role
Goldman Sachs and Cantor Fitzgerald served as bookrunners for the Gemini IPO and led pricing and distribution. The Gemini IPO benefited from Goldman Sachs’ institutional network and Cantor Fitzgerald’s distribution channels. The Gemini IPO allocation included a 10% directed-share program to support employee and partner participation. The Gemini IPO underwriting signaled traditional finance backing crypto listings. The Gemini IPO underwriting fees and protections followed standard IPO playbooks.
Shares opened 32% above
Shares opened 32% above the IPO price on day one, a clear sign of investor demand. The Gemini IPO priced at $28 per share and the market reacted with a pop to around $37.01. The Gemini IPO’s strong open reflected retail interest and institutional curiosity. The Gemini IPO volatility calmed after the first trading session as markets digested supply and demand. The Gemini IPO performance is now a benchmark for other crypto firms eyeing listings.
Who are the founders
Cameron Winklevoss and Tyler Winklevoss, Gemini’s co-founders, framed the offering as an evolution of their Bitcoin vision. The Gemini IPO included messaging about long-term support for Bitcoin and broader cryptocurrency adoption. The Gemini IPO founders emphasized security, custody, and regulatory compliance in investor presentations. The Gemini IPO showed the Winklevoss twins moving a private exchange into public markets. The Gemini IPO narrative spotlighted founders’ credibility and market track record.
Figure Technologies and peers
Nearby players like Figure Technologies were mentioned as comparable companies in the listing wave. The Gemini IPO may influence how Figure Technologies and other crypto lenders plan their public-market moves. The Gemini IPO raised about $425 million and set expectations for peers seeking to access public capital. The Gemini IPO result will likely shape valuations and IPO structures across the crypto sector. The Gemini IPO adds to a growing list of digital-asset firms on exchanges.
Why it matters for Bitcoin
The Gemini IPO is notable because it ties mainstream capital markets to Bitcoin trust and exchange services. The Gemini IPO reiterated the company’s bullish stance on Bitcoin and the broader cryptocurrency market. The Gemini IPO may provide clearer public disclosures on custody, trading revenue, and Bitcoin holdings. The Gemini IPO also gives investors direct exposure to a crypto-native business. The Gemini IPO could influence how Bitcoin flows between exchanges and institutional platforms.
What comes next
After the Gemini IPO, focus will shift to quarterly results, regulatory developments, and customer growth. The Gemini IPO means greater reporting transparency for a formerly private exchange. The Gemini IPO may encourage other crypto firms to test public-market interest. The Gemini IPO outcome will be watched by traders, token issuers, and regulators. The Gemini IPO also raises questions about long-term margins and product expansion.
Frequently asked questions about Gemini IPO (FAQ)
Q: What was raised in the Gemini IPO?
A: The Gemini IPO raised about $425 million through the offering.
Q: Who led the Gemini IPO bookrunning?
A: Goldman Sachs and Cantor Fitzgerald acted as the primary bookrunners for the Gemini IPO.
Q: How much did shares move on day one?
A: Shares opened 32% above the IPO price and settled near $37.01 shortly after listing.
Q: Who founded Gemini?
A: Gemini was co-founded by Cameron Winklevoss and Tyler Winklevoss.
Q: Does the Gemini IPO affect other crypto firms?
A: Yes. The Gemini IPO sets a public-market benchmark that may influence Figure Technologies and other crypto companies considering IPOs.
Sources to this article
DefiDonkey (2025) ‘Gemini IPO priced at $28 ahead of Nasdaq GEMI debut’. Available at: https://defidonkey.com/en/market-analysis/gemini-ipo-priced-at-28-ahead-of-nasdaq-gemi-debut/ (Accessed: 12 September 2025).
DefiDonkey (2025) ‘Gemini IPO (GEMI) oversubscribed — what investors need to know’. Available at: https://defidonkey.com/en/crypto-business/gemini-gemi-ipo-oversubscribed-what-investors-need-to-know/ (Accessed: 12 September 2025).
