The U.S. crypto industry just witnessed another milestone as Gemini, the exchange founded by the Winklevoss twins, surged more than 14% in its Nasdaq debut. Raising $425 million in its initial public offering, the company’s listing underscores Wall Street’s growing acceptance of crypto businesses despite market volatility and regulatory hurdles.
Gemini IPO Performance and Market Reaction
Gemini priced its IPO at $28 per share, above the expected $24–$26 range, valuing the company at $3.3 billion before trading began. Shares opened at $37.01 — a 32% premium over the IPO price — and touched highs of $45.89 before closing the day at $32, still up 14.3%.
The strong debut reflects investor appetite for crypto-related companies, particularly those with brand recognition and long-standing market presence.
Gemini’s Business Model and Financials
Founded in 2014, Gemini has become one of the most recognized U.S. exchanges, holding more than $21 billion in assets as of July 2025. Beyond trading services, Gemini offers a dollar-backed stablecoin, crypto reward credit cards, and institutional custody solutions.
Still, the company faces profitability challenges. According to its SEC filings, Gemini posted a $159 million net loss in 2024 and a $283 million loss in the first half of 2025. Its ability to reduce losses while scaling its ecosystem will be closely monitored by investors.
The Winklevoss Bitcoin Vision
Cameron and Tyler Winklevoss were among the earliest Bitcoin investors, famously turning into the world’s first Bitcoin billionaires. They remain outspoken advocates, predicting Bitcoin could reach $1 million within the next decade.
Their long-term view is shaped by Bitcoin’s store-of-value narrative, which they argue surpasses gold. On CNBC’s “Squawk Box” during the IPO debut, they reaffirmed their conviction that Bitcoin is the backbone of the future financial system.
Regulatory History and the Road Ahead
The Winklevoss twins have long pushed for regulatory clarity. In 2013, they were the first to apply for a Bitcoin ETF — a move that was rejected by the SEC at the time. That early attempt, however, shaped the conversation around Bitcoin ETFs and paved the way for approvals years later.
Now, with Gemini public, the exchange has an opportunity to expand its influence and credibility in a sector where regulation is tightening.
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