Gemini’s IPO Ignites Wall Street as Winklevoss Exchange Surges Past $3B Valuation

Gemini, the U.S.-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, launched its long-anticipated initial public offering on Thursday at a striking $28 per share—well above its original $24–$26 target range. The sale brought in $425 million and pushed the company’s market value beyond $3 billion, according to Reuters.

Trading begins Friday on the Nasdaq under the ticker symbol GEMI, marking another milestone for crypto firms entering public markets. Investor enthusiasm ran so high that bankers stopped taking new orders after bids outnumbered available shares by a factor of 20, insiders told Reuters. In an unusual move, Gemini capped proceeds at $425 million, choosing to reduce share count rather than push the price higher.

Nasdaq itself underscored its confidence with a $50 million private placement in the offering. Goldman Sachs and Citigroup led the underwriting syndicate.

The surge in demand reflects a broader crypto market renaissance, fueled by record token prices and a friendlier regulatory climate. Earlier this week, stablecoin issuer Figure Technology raised $787.5 million in its own blockbuster listing, while high-profile players such as Peter Thiel-backed Bullish and stablecoin giant Circle also upsized offerings earlier this year.

Founded in 2014, Gemini earned early recognition for its compliance-first approach. That strategy now appears to be paying off. The exchange has enjoyed tailwinds from the Trump administration’s pro-crypto stance, which has boosted ETF inflows and encouraged more corporations to hold Bitcoin and Ethereum on their balance sheets.

Gemini is also edging toward regulatory clarity: it expects a status update by September 15 on its settlement talks with the Securities and Exchange Commission regarding its now-closed crypto lending program.

With its oversubscribed IPO and strong institutional backing, Gemini’s market debut signals how far digital asset platforms have come since Coinbase’s landmark Nasdaq listing in 2021.