Gemini Raises $425M, Shares Surge Up to 64% Nasdaq Debut

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, experienced a highly successful initial public offering, raising $425 million by selling shares at $28 each and achieving a valuation of approximately $3.3 billion. The stock soared as much as 64% on its first trading day, briefly reaching a price near $46 before settling around $34, signaling strong investor confidence in the crypto sector despite the company's recent financial losses. The Winklevoss twins, notable early Bitcoin investors and supporters of President Donald Trump, saw their personal wealth significantly increase, with their 75 million shares valued at about $2.78 billion. This IPO success reflects a broader resurgence in crypto-related public offerings this year, including companies like Circle, Bullish, and Klarna, although some post-IPO rallies have cooled. Gemini's debut was bolstered by a $50 million strategic investment aimed at expanding its institutional crypto custody services. The Winklevoss brothers remain optimistic about Bitcoin's future growth, projecting the cryptocurrency’s price could reach $1 million within the next decade.