tl;dr
Gemini's IPO attracted overwhelming demand, with over 20 times more orders than available shares, leading to a price increase and a potential $3.1 billion valuation. The exchange received $50 million from Nasdaq and faced halted order acceptance from Goldman Sachs and Citigroup due to high demand....
**Gemini's IPO Soars: Investor Frenzy and a $3.1 Billion Valuation**
When Gemini, the crypto exchange co-founded by the Winklevoss twins, launched its IPO, the response was nothing short of explosive. The company received **over 20 times more orders than available shares**, a staggering indicator of investor hunger for crypto-related stocks. To meet the demand, Gemini raised its price range from $17–$19 to $24–$26, pushing its potential valuation to **$3.1 billion** if shares trade at the upper end.
The frenzy didn’t stop there. Gemini capped its IPO proceeds at $425 million, even though demand could have theoretically boosted the total to $433 million. The exchange also set aside 10% of shares for a “directed share program,” allocating them to select investors—a move that underscores the high stakes of this offering.
**A Boost from Nasdaq and Big Banks**
Nasdaq’s $50 million private investment in the IPO added another layer of confidence, while Goldman Sachs and Citigroup—Gemini’s lead bankers—had to halt accepting new orders due to the overwhelming demand. The exchange’s global reach, spanning over 60 countries and boasting **$285 billion in lifetime trading volume**, clearly resonated with investors.
Yet, beneath the hype lies a mixed financial picture. Gemini reported a **net loss of $282.5 million** in the first half of 2025, a sharp increase from $41.4 million the previous year. Revenue also dipped to $68.61 million, down from $74.32 million. The company’s SEC filing revealed it held 4,002 bitcoin and 10,444 ether as of June 30, but its profitability remains a work in progress.
**Crypto’s IPO Surge and the Volatility That Follows**
Gemini isn’t alone in testing the public markets. Stablecoin issuer Figure Technology raised $787.5 million in a recent offering, while Bullish and Circle expanded their listings earlier in 2025. These deals highlight a growing appetite for crypto firms, fueled by a more accommodating regulatory environment.
However, the sector’s volatility is hard to ignore. Bullish’s shares, for example, have **plummeted 43.58%** from their August listing price, while Circle Internet Group’s shares have bounced between peaks and troughs, climbing 93.7% from their June listing but falling as low as $112 before recovering.
**The Road Ahead**
Gemini’s IPO is a landmark moment, reflecting both the optimism and the risks of investing in crypto. As the exchange prepares to trade under the symbol **GEMI** on Nasdaq, its success—or failure—could shape perceptions of the entire industry. For now, the market is betting big on the future of digital assets, even as the path ahead remains anything but certain.
What do you think? Is this the start of a new era for crypto, or a cautionary tale of hype over substance?