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Gemini Founders Say Bitcoin Headed to $1 Million: 'It's Still Early'
Crypto Trends

Gemini Founders Say Bitcoin Headed to $1 Million: ‘It’s Still Early’

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  • Early crypto adopters
  • Gemini’s grand IPO debut

During a recent appearance on Fox Business, cryptocurrency billionaires Tyler and Cameron Winklevoss predicted that the price of Bitcoin could potentially skyrocket to $1 million “one day.”

The Winklevii are on the same page with such names as former Binance CEO Changpeng Zhao and Blockstream CEO Adam Back when it comes to their uber-bullish seven-figure prediction.

The billionaire twins argue that Bitcoin is “gold 2.0,” predicting that it is going to disrupt the market cap of the precious metal.

Early crypto adopters

Following the Facebook drama, which resulted in a multi-million-dollar settlement with founder Mark Zuckerberg, the Winklevoss twins discovered Bitcoin all the way back in 2012. Then, they used the settlement money to make a sizable investment in Bitcoin.

After the cryptocurrency experienced a notable price surge, they were among the first public figures to become Bitcoin billionaires.

The twins claim that they purchased BTC when it was trading at roughly $10, but they argue that it is still early.

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Notably, they also made an appearance on the show back in October 2015 when Gemini was just launched, so the exchange is now also on the verge of celebrating its 10th anniversary.

Their Bitcoin success story is colloquially known as “the revenge of the Winklevii.”

The Gemini exchange now boasts a total of $21 billion worth of assets on its platform.

Gemini’s grand IPO debut

The exchange secured a total of $425 million with its initial public offering (IPO), which analysts have described as another win for the cryptocurrency market.

The shares of the cryptocurrency trading platform surged sharply higher on Thursday, showing that there is still plenty of investor demand for crypto companies.

This comes after stablecoin issuer Circle also had an extremely successful IPO.

Other cryptocurrency trading platforms, such as Grayscale, are also going public after the U.S. government swiftly moved to embrace the industry.



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Polymarket, Kalshi seek funding; Gemini IPO

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Crypto markets grabbed headlines last week, from billion-dollar fundraising pushes at Polymarket and Kalshi to Gemini going public.

Tether also staked its claim in the U.S. with a new regulated stablecoin, Coinbase turned up the heat on regulators, and Binance deepened Wall Street ties with Franklin Templeton.

Meanwhile, Avalanche and HashKey unveiled ambitious treasury plans, OpenSea edged closer to its long-awaited token, and Michael Saylor’s firm continued to pile into Bitcoin as German authorities faced scrutiny over a missed multibillion-dollar BTC haul.

Prediction platforms target billion-dollar valuations

  • Polymarket received offers valuing the company at up to $9 billion.
  • Kalshi is simultaneously exploring capital raising opportunities at a $5 billion valuation.

Gemini’s public debut exceeds market expectations

  • The cryptocurrency exchange raised $425 million through its initial public offering, with shares opening at $37.01 on Nasdaq, which is 32% above the $28 pricing level.
  • Trading reached intraday highs of $45.89 before closing at $32 and valuing Gemini at around $3.3 billion.
  • The IPO pricing surpassed both the week’s expected range of $24-26 and the initial range of $17-19.

Tether introduces US-regulated stablecoin infrastructure

  • The world’s largest stablecoin issuer unveiled USAT, a dollar-backed token compliant with US regulations.
  • The company also appointed former White House crypto advisor Bo Hines to lead American operations.
  • Anchorage Digital will serve as the federally regulated issuer while Cantor Fitzgerald manages reserve assets
  • Hines, previously director of President Trump’s Crypto Council, will oversee Tether’s new US entity as the company expands into regulated American markets.

Coinbase still hung up on Gensler

  • On Sept. 11, the exchange requested federal court intervention for an “expedited, proper search” of former Securities and Exchange Commission (SEC) Chairman Gary Gensler’s erased text messages spanning one year.
  • Coinbase chief legal officer Paul Grewal addressed the matter on X: “The Gensler SEC destroyed documents they were required to preserve and produce. We now have proof from the SEC’s own Inspector General.”
  • Gensler stepped down as SEC Chair on Jan. 20. On Feb. 27, the SEC dismissed all civil enforcement action against Coinbase.

Avalanche Foundation plans billion-dollar treasury

  • The blockchain foundation aims to raise $1 billion for two cryptocurrency treasury companies holding substantial AVAX (AVAX) token positions purchased at discounted rates.
  • The structure would allow the foundation to monetize its token holdings and also create institutional investment vehicles for AVAX exposure.

Binance partners with Franklin Templeton

  • The world’s largest cryptocurrency exchange announced a collaboration with the $1.6 trillion asset manager to develop tokenized asset products
  • The partnership combines Franklin Templeton’s securities tokenization experience with Binance’s global trading infrastructure and distribution networks.

Defunct Movie2K still has 47k Bitcoin

  • Arkham Intelligence revealed that piracy website Movie2K retains 45,000 Bitcoin (BTC) that German authorities “failed to seize” during early 2024 confiscation operations involving nearly 50,000 Bitcoin.
  • The blockchain analytics firm identified additional wallets likely connected to Movie2K, which operated between 2008 and 2013 before shutting down.

OpenSea advances token generation preparations

  • The NFT platform entered the “final phase” of pre-token generation event rewards, with additional details scheduled for release in early October.
  • The announcement coincides with OpenSea’s mobile app release, integrating on-chain trading capabilities with traditional NFT marketplace functions.

Strategy maintains Bitcoin accumulation pace

  • Michael Saylor’s company purchased 1,955 BTC for $217.4 million at an average price of $111,196 per Bitcoin during the latest acquisition period.
  • Total holdings reached 638,460 Bitcoin, maintaining Strategy’s position as the largest publicly traded corporate Bitcoin holder.

HashKey launches digital asset treasury fund

  • The Hong Kong-regulated exchange announced plans for a $500 million investment fund targeting digital asset treasury companies holding mainstream cryptocurrencies.
  • Initial focus will concentrate on Bitcoin and Ethereum (ETH) treasury operations, building a diversified portfolio of corporate cryptocurrency holders.



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Gemini Stock ($GEMI) Surges 14% on IPO Debut; Winklevoss Brothers Predict $1M Bitcoin

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Gemini Space Station, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, surged in its Nasdaq debut Friday after raising $425 million in an initial public offering.

The company priced its IPO late Thursday at $28 a share, valuing Gemini at about $3.3 billion before trading began. That price was above the revised $24 to $26 range it set earlier in the week and well above the initial $17 to $19 range. The offering covered 15.2 million shares.

On Friday, the stock opened at $37.01, a 32% premium to the offer price. Shares climbed as high as $45.89 during intraday trading before settling at $32, still 14% above the IPO level by the close.

Gemini, headquartered in New York, operates a suite of crypto services including a spot exchange, custody solutions for institutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. As of the end of July, the company held more than $21 billion of assets on its platform. Filings show Gemini lost $159 million in 2024 and $283 million in the first half of 2025.

The Winklevoss brothers, who became the first bitcoin billionaires after early investments in the cryptocurrency, appeared on CNBC’s “Squawk Box” on the morning of the IPO. Tyler Winklevoss described bitcoin as “gold 2.0” and said adoption remains in the “first inning.” He and his brother projected that bitcoin could reach $1 million within the next decade.

Gemini’s listing follows those of Coinbase (COIN) in April 2021 and Bullish (BLSH), which owns CoinDesk, last month.



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Gemini Jumps on Nasdaq Debut, Hitting $4.4 Billion Valuation

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In brief

  • Gemini started trading on the Nasdaq at an approximately $4.4 billion valuation.
  • The firm’s share price opened at $37.01, rising from the $28 offering price.
  • Crypto lender Figure also registered a post-IPO pop on Thursday.

Gemini debuted on the Nasdaq at a roughly $4.4 billion valuation on Friday, as the crypto exchange’s shares immediately jumped above their initial offering price.

The Winklevoss twins-founded firm’s stock opened at $37.01 apiece, a 32% increase compared to its upped IPO price of $28, according to Yahoo Finance. That initially gave Gemini a $3.32 billion valuation. The company previously targeted a range of $24 to $26 per share.

Trading under the ticker symbol “GEMI,” Gemini was established in 2014, and it raised $425 million through its IPO, according to Decrypt calculations based on regulatory filings. Reuters reported that the firm’s IPO was significantly oversubscribed.

Wall Street giants Goldman Sachs and Cantor Fitzgerald, the financial services firm formerly run by U.S. Commerce Secretary Howard Lutnick, were among the deal’s lead bookrunners.



Gemini initially targeted a range of $17 to $19 per share across 16.6 million shares. It requested that 10% of the offering be reserved for a “directed share program,” so that some shares could be offered to select parties exclusively.

In a video posted to X by Gemini, co-founder and President Cameron Winklevoss said that he and his brother, co-founder and CEO Tyler Winklevoss, were “completely blown away” by Bitcoin when they discovered it in the summer of 2012. They ultimately created Gemini as a way to help make cryptocurrency more mainstream, Cameron added.

The Winklevoss twins backed President Donald Trump’s bid for reelection. And Brian Quintenz, the president’s long-stalled pick to lead the SEC, accused them of trying to derail his nomination earlier this week, posting what he said were screenshots of contentious conversations to X.

When it comes to Wall Street’s interest in crypto, Gemini was a near-twin this week.

On Thursday, Figure Technologies also saw its stock jump amid its Nasdaq debut, with shares closing 24% above the crypto lender’s IPO price at $31.11. Analysts think the showing could advance tokenization narratives amid the busiest IPO week in the U.S. since 2021.

Figure shares were changing hands 8.6% higher on Friday at $33.78.

Gemini marks the 10th major crypto firm to tap public markets in the U.S. for funding this year, and Carlos Guzman, a research analyst at crypto market maker GSR, thinks the trend crystalized after stablecoin issuer Circle’s blockbuster IPO in June.

The firm saw its stock price increase nearly 10x in the following weeks, but at the time, it was reasonable to question whether that was because of investors’ interest in stablecoins or their appetite for crypto-native firms more broadly, he told Decrypt.

“When Circle went public and did really well, people said, ‘Oh, stablecoins are just really exciting right now,’” he said. “Since then we’ve seen Bullish and Figure do well, and now Gemini. It’s clearly a broader [trend] that markets are finding really exciting.”

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Winklevoss Twins Call for $1 Million Bitcoin Price as Gemini Goes Public

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In brief

  • Crypto entrepreneurs Cameron and Tyler Winklevoss think Bitcoin is still in its early stages.
  • Tyler Winklevoss said during a CNBC interview that in 10 years, the leading cryptocurrency will be priced at $1 million per coin.
  • Gemini, the brothers’ crypto exchange, went public on the Nasdaq on Friday.

Crypto entrepreneurs Tyler and Cameron Winklevoss—the founders of the newly public crypto exchange, Gemini—have predicted that Bitcoin will hit a price of $1 million per coin as it “disrupts gold.”

Speaking on CNBC on Friday, Tyler Winklevoss said that the price of the leading cryptocurrency had come a long way since they debuted their crypto exchange more than a decade ago.

He noted that the two spoke on CNBC back in 2015, when the digital coin was trading for $350 per coin. Now it’s trading above $116,000.

“We think there’s easily a 10x from here,” he said. “It’s still really early, and I think we’ll be sitting here 10 years from now looking back and saying, ‘Wow, today was really early.'” 

“It’s still very much the bottom of the first inning, because we see Bitcoin trading at $1 million dollars a Bitcoin, if it disrupts gold,” he added. “And we think Bitcoin is gold 2.0.”

Camron and Tyler Winklevoss—arguably best known for their role in the creation of Facebook—founded crypto exchange Gemini in 2014 after being early Bitcoin backers.



Gemini launched its IPO on Friday, pricing the offering at $28 per share. Shares began trading on the Nasdaq Global Select Market under the ticker GEMI on Friday afternoon, with shares trading at $37.01 upon opening, giving the firm a roughly $4.4 billion valuation. As of this writing, the price has dipped to about $34.

New York-based Gemini allows users to buy, sell, and bet on the future price of digital coins and tokens. It also custodies crypto. 

Cameron Winklevoss added in Friday’s interview that he believes Bitcoin will serve more as a store-of-value than a payments system. Other prominent backers like Jack Dorsey, co-founder of Block and Twitter, disagree on that front.

“We don’t think it actually has to be a transactional currency—just like you’re not trying to buy a cup of coffee with gold,” he said. 

The Winklevoss Twins aren’t the only crypto heavyweights to have made big predictions for the future price of Bitcoin as of late. Fundstrat Global Advisors Managing Partner Tom Lee also this week said that Bitcoin can hit $200,000 by the end of this year. 

While BitMex co-founder and billionaire Arthur Hayes has claimed $250,000 for the biggest cryptocurrency is a realistic target in 2025.

Bitcoin was recently trading for $116,507 per coin, according to CoinGecko, up 2% over a 24-hour period. Over the past seven days, the flagship cryptocurrency has risen by more than 5%. Bitcoin sits about 6% below its August all-time high mark of $124,128.

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Ipo Market Raises $4 Billion This Week With Gemini Leading
Crypto Trends

IPO Market Raises $4 Billion This Week With Gemini Leading

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The IPO market kicked into high gear this week as six companies raised more than $4 billion. So far, this is the busiest period for new offerings since 2021. 

Five of the six priced above their marketed ranges, but their trading afterward showed more cautious energy as several slipped back toward initial levels.

Klarna Group Plc staged the largest debut of the week, shooting up at first before settling closer to its offering price as investors cooled. Figure Technology Solutions Inc. also opened strongly but finished its second day of trading near its first-minute peak.

Gemini Space Station Inc., led by the Winklevoss twins, became the standout as the crypto exchange soared, thanks to huge interest from retail interest. By contrast, Blackstone-backed Legence Corp. and Via Transportation Inc. produced modest gains after opening below their IPO prices.

Investors are Excited But Still Picky 

According to Bloomberg, the median stock began trading 31 percent above its IPO price. This points to good demand, though not the kind of explosive surges that can lead to unstable trading later. Analysts told Bloomberg that calmer debuts may encourage more companies to follow, even as investors remain choosy over valuations and earnings.

“Investor expectations remain high and continue to be demanding — profitability and fundamentals are huge,” said Mike Bellin, who leads PricewaterhouseCoopers’ IPO practice.

Institutional investors also joined heavily, as they piled billions into offerings across technology, crypto, and consumer names. Retail traders also secured a bigger slice, with Gemini selling 30 percent of its $425 million deal to small investors.

Demand for shares far exceeded supply. Klarna and Figure drew about 25 times more orders than stock available, while Gemini was oversubscribed by more than 20 times, according to Bloomberg.

Another Big Week Ahead ?

Next week could continue the momentum as Stubhub Holdings Inc. and Netskope Inc. prepare offerings that may raise as much as $2.53 billion combined. If successful, it would be the first back-to-back weeks of such volume since December 2021

Still, year-to-date proceeds of $28.9 billion remain below the pre-pandemic average of $31.4 billion and pale in comparison to the boom years of 2020 and 2021.

Kati Penney of CrossCountry Consulting described the surge as “an anomaly” tied to big names returning after tariff-related volatility earlier this year delayed many late-stage startups. “We’ll see steady momentum but not at the pace of these past two weeks,” she said.

Also Read: REX-Osprey Solana Staking ETF Hits $250M as SOL Price Soars



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Gemini Prices IPO at $28 a Share Ahead of Trading Open on Nasdaq

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In brief

  • Crypto exchange Gemini has priced its IPO at $28 per share ahead of open trading on the Nasdaq.
  • The pricing tops forecasts after months of investor buildup.
  • The Winklevoss brothers bring political ties and regulatory baggage into the spotlight, but Gemini’s losses and CFTC battles loom over its market debut.

Gemini, the U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has priced its initial public offering at $28 per share, beating expectations ahead of the start of trading Friday.

Launching on the Nasdaq Global Select Market under the ticker symbol “GEMI,” the deal marks one of the most closely watched debuts in the crypto sector this year, with strong investor demand pushing the IPO well above its original $17 to $19 price per stock range.

The company and its selling stockholders also granted underwriters a 30-day option to purchase up to an additional 758,929 shares to cover over-allotments, though Gemini itself will not receive proceeds from those secondary sales. The offering is expected to close on September 15, subject to customary conditions.

Gemini’s looming IPO



The exchange, founded in 2014, has long been a high-profile player in digital assets. Its twin co-founders first rose to fame through their legal battle with Mark Zuckerberg over the origins of Facebook, later becoming early Bitcoin evangelists. More recently, they became outspoken backers of Donald Trump in his successful 2024 U.S. presidential campaign.

Gemini remains heavily reliant on trading fees, which made up nearly 70% of its $142.2 million in revenue last year. Despite growth in users, losses have ballooned: a net loss of $158.5 million in 2024, and $282.5 million already in the first half of 2025.

In its IPO filing, the company projected confidence, citing its “focus on innovation and a long history of firsts in the crypto industry” as reason to believe it will expand its base.

That optimism is tempered by deepening political and regulatory drama. Brian Quintenz, Trump’s nominee to lead the Commodity Futures Trading Commission (CFTC), this week published screenshots of private Signal conversations with the Winklevoss twins.

The regulator sued the company in 2022 for misleading statements tied to its Bitcoin futures products, a case Gemini settled this January for $5 million without admitting wrongdoing.

In the messages, the brothers appeared to question Quintenz’s loyalty to their complaints against the regulator, while referencing potential appeals to the president himself.

The White House later withdrew a planned Senate vote on Quintenz’s nomination.

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Gemini Sets $425 Million Cap After Ipo Oversubscribed 20 Times
Crypto Trends

Gemini Sets $425 Million Cap After IPO Oversubscribed 20 Times

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Gemini, the crypto exchange founded by the Winklevoss twins, is preparing for a blockbuster debut on Friday with its initial public offering (IPO) already oversubscribed more than 20 times.

According to Reuters, Gemini and its bankers stopped taking new share orders on Thursday after overwhelming demand, an unusual move in IPOs that capped proceeds at $425 million.

The exchange had earlier raised its target to $433 million, increasing its listing price range to $24–$26 from the initial $17–$19. Among its backers is Nasdaq itself, which is reportedly investing $50 million as part of a strategic partnership

Figure Joins Nasdaq With Strong Debut

Gemini isn’t the only crypto player making headlines this week. Blockchain marketplace Figure Technologies also went public on Nasdaq on Thursday, with shares climbing 24.4% on the first day of trading.

The company raised $787.5 million after multiple price revisions pushed its final offering price to $25, up from the $18 floor. While Figure’s debut was strong, it didn’t match the frenzy seen around Circle and Bullish earlier this year.

Stablecoin issuer Circle raised $1 billion in its IPO, with shares jumping 167% on day one, while crypto exchange Bullish saw its stock surge by as much as 218%.

2025 Shaping Up as the Year of Crypto IPOs

Industry experts say Gemini’s hotly anticipated debut is part of a broader wave of crypto firms tapping public markets in 2025.

Bitwise, a leading crypto ETF issuer, predicted this year would be the “year of crypto IPOs.” Other major players reportedly eyeing listings include Kraken, Anchorage Digital, and Chainalysis.

With investor demand at record highs, Gemini’s listing could set the tone for another explosive season of crypto IPOs.

Also Read: Blockchain Lender Figure Raises $787.5 Million in IPO



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Gemini IPO demand forces hard cap
Crypto Trends

Gemini IPO demand forces $425m hard cap after 20x oversubscription

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Gemini’s Nasdaq debut drew so many orders that the exchange reportedly capped proceeds at $425 million. The move breaks with IPO convention and shows both intense demand for crypto listings and a rare note of restraint from the Winklevoss-led firm.

Summary

  • Gemini’s Nasdaq IPO was oversubscribed more than 20 times, forcing a $425 million hard cap.
  • Lead underwriters Goldman Sachs and Citigroup closed the order book early amid overwhelming demand.
  • Share price was raised to $24–$26, giving the company a potential market value over $3 billion.

On September 11, Reuters reported that the forthcoming initial public offering for crypto exchange Gemini was oversubscribed by more than 20 times, compelling lead underwriters Goldman Sachs and Citigroup to close the order book early.

In a highly unconventional move for a traditional listing, the investment banks, alongside Gemini founders Cameron and Tyler Winklevoss, made the strategic decision to impose a hard cap of $425 million on the total raise.

The mechanism, which sacrifices potential capital in favor of reducing the number of shares sold, creates scarcity ahead of the company’s Nasdaq debut on Friday under the ticker “GEMI.”

A calculus of scarcity and value?

According to the Reuters report, based on the company’s own filings with the SEC, the raw math of the demand would have allowed Gemini to raise approximately $433 million without the self-imposed cap. This figure, however, pertains solely to the public share sale and does not include an additional, separate $50 million private placement commitment from Nasdaq itself.

The investor frenzy drove a significant uptick in share value well before the opening bell. In response to the overwhelming order flow, Gemini and its bankers were forced to upwardly revise the proposed share price range. The price jumped to between $24 and $26, a substantial increase from the initial range of $17 to $19 just days prior.

That sharp adjustment in pricing illustrates the depth of investor appetite, with Gemini’s valuation climbing rapidly even before its first day of trading. According to Reuters, the company’s potential market valuation could exceed $3 billion at the top of the range.

Once seen as risky outliers, firms like Gemini are now joining a growing list of digital asset players testing public listings. Just a day prior, stablecoin issuer Figure Technology successfully raised $787.5 million in an upsized IPO.

This activity follows enlarged offerings earlier this year from industry heavyweights like Bullish and Circle, painting a picture of a sector hitting its stride. A favorable regulatory shift, accelerating corporate adoption, and the monumental inflows into spot Bitcoin ETFs have collectively built a wave of legitimacy that crypto companies are now riding into the public markets.



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Gemini Valuation Could Top $3 Billion as Crypto Exchange Raises IPO Share Price

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In brief

  • Gemini is upsizing its IPO target, anticipating selling shares between $24-26.
  • The firm initially expected to offer more than 16 million shares between $17-19.
  • It will trade under the ticker GEMI when it hits the market, expected on Friday.

American crypto exchange Gemini increased its expected initial public offering (IPO) share price to a range of $24-26, potentially bringing the firm’s valuation north of $3 billion when it hits the market. 

In an SEC filing dated September 9, the firm said it will offer 16,666,667 common shares of GEMI at the updated price range. Initially it anticipated offering the same amount of shares priced between $17-19. 

“Financial markets are moving on-chain and digital assets are profoundly changing the way we transact and store value,” wrote the firm’s founders Tyler and Cameron Winklevoss in a letter attached to the filing. “This is the crypto frontier and we are building a super app for it. We believe Gemini is uniquely positioned to contribute to this future and ensure that you are a part of it.” 



The exact date of the IPO is still outstanding, but the firm indicated it will be “as soon as practicable” relative to the effective filing date. 

Gemini first made its intentions known earlier this summer, filing to go public in June, following the success of stablecoin issuer Circle’s massive IPO. 

Circle similarly upsized its IPO offering amid increasing demand, jumping from $24 to $31 by the time it occurred. After hitting the market, shares were halted multiple times after the price of CRCL more than tripled on the opening day of trading.

Gemini’s IPO is being underwritten by Goldman Sachs, Cantor, and Morgan Stanley, among others, with GEMI set to trade on the Nasdaq. Shares are expected to begin trading Friday.

The firm requested that 10% of the IPO shares, or around 1.67 million shares of GEMI, be reserved for sale through “a directed share program to certain individuals and entities.” 

Additionally, Gemini said in the filing that it entered into a separate agreement with Nasdaq Inc. to sell $50 million worth of shares at the IPO price, less underwriting discounts and commission.

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