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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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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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SOL price chart showing rally from $226 to above $239 in the past 24 hours
Crypto Trends

Soaring in First Trades After IPO

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Shares of Gemini (GEMI) opened at $41 a share on the Nasdaq Global Select Market on Friday, rising 45% from last night’s IPO price.

The crypto exchange, which is run by Tyler and Cameron Winklevoss, priced its IPO at $28 a share, valuing the company at around $3.3 billion. It had sold 15.2 million shares, raising $425 million.

Gemini posted a net loss of $283 million in the first half of the year. That follows a $159 million loss for all of 2024, according to the company’s latest financials.

Despite the deepening red ink, Gemini priced its IPO nicely above the initially hoped-for level and secured a $50 million strategic investment from Nasdaq earlier this week. The stock exchange operator said the deal is intended to expand access to Gemini’s crypto custody services for institutional clients. It also positions Gemini as a distribution partner for Nasdaq’s trade management software, Calypso.

Gemini’s IPO follows that of other crypto-native platforms, including stablecoin issuer Circle (CRCL), Bullish (BLSH), eToro (ETOR) and Figure Technologies (FIGR), that also went public this year in what appears to be a booming capital market for crypto firms amidst a wave friendly U.S. regulatory action. Bullish Global is CoinDesk’s parent company.



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NFT Gaming

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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Nasdaq files with SEC to enable trading of tokenized securities
GameFi Guides

Figure’s $7.6b IPO debut shows appetite for real-world blockchain firms

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Figure Technologies, a blockchain-based consumer lending platform, had a strong NASDAQ debut.

Summary

  • Figure Technologies IPO’d on NASDAQ, valuing the company at $7.62 billion
  • The company raised $787.5 million from investors, with the offer price at $25
  • Stock started public trading at $44 per share, later stabilizing at $31

Wall Street is showing a strong appetite for blockchain stocks. On Thursday, September 11, blockchain-based consumer lending firm Figure Technologies had a strong start on the Nasdaq. The company sold 31.5 million shares in its initial public offering, raising $787.5 million from investors.

Shares started public trading at $44, significantly higher than the $25 offering price, valuing the firm at $7.62 billion. Although the shares later stabilized at $31, the strong opening indicates significant interest in companies that leverage blockchain to solve real-world problems.

The company’s co-founder, Mike Cagney, stated that Figure is just one example of how blockchain can transform entire industries. He explains that the technology has the potential to lower costs by cutting the need for trusted intermediaries.

So if you think of something like the stock market, it’s an easy example. Seven parties sit in between buyers and sellers of every transaction. Blockchain has the ability to distill that down just to two, Mike Cagney, Figure.

Figure promises to transform home equity loans

Unlike some other crypto-related investments, Figure is not a speculative project. Instead, it is a business that solves a real problem in consumer lending. Notably, home equity loans are typically slow and costly to approve.

Figure claims that it can originate home equity loans in 5 to 10 days, compared to the U.S. average of 42 days. The firm uses blockchain to track key credit data, including credit scores, home equity, and property valuations, and to keep this information transparent. Still, using technology to solve a problem that usually requires trained professionals raises questions, and Figure still has to prove its track record in the long run.



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Microsoft and OpenAI have a new deal that could clear the way for an IPO
Gaming Gear

Microsoft and OpenAI have a new deal that could clear the way for an IPO

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As OpenAI attempts to restructure itself and eventually go public, a hurdle for the startup, recently valued at $500 billion, is its increasingly complicated partnership with Microsoft. On Thursday afternoon, the two companies released this joint statement about an agreement they’ve reached.

Microsoft & OpenAI:

Microsoft and OpenAI have signed a non-binding memorandum of understanding (MOU) for the next phase of our partnership. We are actively working to finalize contractual terms in a definitive agreement. Together, we remain focused on delivering the best AI tools for everyone, grounded in our shared commitment to safety.

Microsoft has invested $13 billion in OpenAI since 2019, and shares in the revenue earned by ChatGPT as well as its API. Microsoft also now includes OpenAI as a competitor, allows OpenAI to lean on other cloud providers for compute power, and has started to increase its reliance on its own AI models.

In a company town hall meeting on Thursday, Microsoft CEO Satya Nadella and AI chief Mustafa Suleyman committed to “significant investments” in its own models. “We should have the capacity to build world class frontier models in house of all sizes, but we should be very pragmatic and use other models where we need to,” said Suleyman.

There was one specific detail about the agreement with Microsoft released by OpenAI in another statement, saying that its nonprofit parent company will continue to hold authority over the for-profit business, with an equity stake worth more than $100 billion.

Other philanthropies and nonprofits have reportedly pushed back against OpenAI’s unusual restructuring plan, and the attorneys general of California and Delaware have opened investigations. In its announcement, OpenAI said, “We continue to work with the California and Delaware Attorneys General as an important part of strengthening our approach, and we remain committed to learning and acting with urgency to ensure our tools are helpful and safe for everyone, while advancing safety as an industry-wide priority.”



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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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Why is the crypto market going up today? (Aug. 27)
GameFi Guides

Figure stock pops after IPO, but Klarna, Circle, Bullish crash call for caution

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Figure stock price surged by over 44% after its initial public offering, pushing its market capitalization to over $7.8 billion.

Summary

  • Figure Technology stock price jumped after its IPO.
  • The company’s market cap jumped to $7.8 billion. 
  • Recent IPOed companies like Klarna, Circle, and Bullish have erased initial gains.

Figure stock jumps after IPO

Figure Technologies shares were trading at $32 at press time, down from the intraday high of $36. This followed the company raising $787 million in the closely watched FIGR IPO.

Figure’s IPO is another major win for the cryptocurrency industry. It joins companies such as Circle and Bullish, which have raised millions of dollars this year by going public. Gemini, the crypto exchange owned by the Winklevoss twins, will go public on September 12.

Figure Technology’s core business is in the home equity lending industry, where it facilitated over $6 billion in loans in the first six months of the year. According to its S1 filing, the company’s revenue for the first six months of the year rose to $190 million from $156 million in 2024. Its revenue in 2024 was $340 million, up from $209 million the previous year. 

Most of its revenue came from the gains on the sale of loans followed by interest income and origination fees. Figure is profitable, generating a net income of $29 million in the first six months of the year. 

Klarna, Circle, and Bullish stock have crashed after the initial pop

The main risk that the Figure stock faces is that recently, public companies have not sustained their initial gains. Circle stock price has plunged by 56% from its highest point this year. 

Bullish, while the stock initially jumped to $117 after the IPO, has plunged by 56% to $53. Klarna’s stock price has crashed from $57 on Wednesday to $43 today. 

The same happened among other companies that went public this year, like CoreWeave, eToro, and WeBull. WeBull, a rival to Robinhood, was the most extreme as it jumped from $10 to $80 a few days after it IPO and then plunged to $13 today. 

Stocks plunge after IPO as their initial momentum and hype eases and as some of the early investors sell. For example, Cathie Wood was one of the top sellers of Circle stock after its stock surged.

Therefore, there is a likelihood that the Figure stock price will crash in the next few days. 



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GameFi Guides

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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