The Gemini Space Station, a cryptocurrency exchange founded by Tyler and Cameron Winclevos, surged after raising $425 million in its first public offer on Friday in its Nasdaq debut.
The company priced the IPO at $28 per share late Thursday, valueating Gemini at around $3.3 billion before trading began. That price was above the $24-$26 range set early in the week, far exceeding the initial $17-$19 range. The offering covered 15.2 million shares.
On Friday, the shares opened at $37.01 at a premium of 32% of the offer price. The stock reached $45.89 during intraday trading, before reaching 14% above $32 upon closing its IPO level.
Headquartered in New York, Gemini operates a range of crypto services, including spot exchanges, institutional custody solutions, US dollar-backed stubcoin, crypto reward credit cards, and staking products. As of the end of July, the company had more than $21 billion in assets on its platform. The filing shows that Gemini lost $159 million in 2024 and $283 million in the first half of 2025.
Wincrevos Brothers, who became the first Bitcoin billionaire after an early investment in cryptocurrency, appeared on CNBC’s “Scoobox” on the morning of the IPO. Tyler Winclevos described Bitcoin as “Gold 2.0” and said adoption remained in the “first inning.” He and his brothers predicted that Bitcoin could reach $1 million in the next decade.
The Gemini list follows the list of Bullish (BLSH) which owns Coinbase (Coin) and Coindesk in April 2021.
