Gemini Space Station spiked at the open of its Nasdaq debut Friday, though it closed well off highs. The company becomes the third public crypto exchange, along with Coinbase and Bullish, which launched last month.
Gemini began trading on the Nasdaq under the ticker symbol GEMI around 1:40 p.m. ET. Shares opened at 37.01, well above the IPO price of $28. GEMI stock hit a high of 45.89 within a few minutes but then pulled back, closing at at 32.
Gemini raised $425 million in its initial public offering Thursday night, selling fewer-than-expected shares but above the recently raised price range. The crypto exchange sold 15.2 million shares at $28, compared to plan on Wednesday to offer 16.67 million shares at $24 to $26 per share. Gemini's initial filing indicated a price range from $17-$19 per share.
The reduced shares sold appeared to reflect massive demand.
Gemini early Tuesday also announced that Nasdaq signed on as a strategic investor. Nasdaq will buy $50 million shares in a private placement, which will close immediately after the IPO.
As part of the deal, Gemini will give Nasdaq's clients the ability to custody and stake crypto assets. Additionally, Gemini will become a reseller for Nasdaq's Calypso Solution, which will give its institutional customers access to collateral management solutions.
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Gemini Breakdown
Gemini is the crypto exchange founded in 2014 by Cameron and Tyler Winklevoss, who were involved in Facebook's origins.
The company operates in more than 60 countries and has processed over $285 billion in lifetime trading volume, with more than $21 billion assets on its platform and 1.5 million transacting users since its founding, according to its SEC filing.
Gemini's financial report showed a net loss of $282.5 million for the first half of 2025, widening from a loss of $41.4 million for the first half of 2024.
Total revenue declined to $68.61 million for the first six months of the year, compared to $74.32 million for the same period last year.
Trading volume for the first half of 2025 rose to $24.8 billion from $16.6 billion for the first half of 2024.
Gemini as of June 30 held 4,002 bitcoin and 10,444 ether.
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