Gemini Crypto IPO Raises $425M, Values Company Over $3B on Nasdaq

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is set to begin trading on Nasdaq under the ticker GEMI after raising approximately $425 million in an IPO that values the company at around $3 billion. The IPO price was increased from an initial range of $17-$19 to $24-$26 per share, reflecting strong investor demand amid a broader crypto market resurgence under President Donald Trump's administration, which has been supportive of the industry through legislation like the GENIUS Act. The Winklevoss twins, who maintain significant voting control, have praised the Trump administration for ending regulatory pressures seen under previous leadership and have actively contributed to pro-crypto political efforts. However, the IPO launch has been overshadowed by controversy involving their opposition to Brian Quintenz, Trump's nominee to lead the Commodity Futures Trading Commission, with leaked text messages revealing the twins sought regulatory relief from Quintenz and requested Trump to pause his nomination. The public dispute has cast a cloud over Gemini's market debut but also underscores the twins' influential role in shaping crypto policy. Major banks underwrite the IPO, and Nasdaq has shown additional support by investing $50 million in the deal.