Gemini, a leading digital asset exchange, made a grand entrance on Wall Street on Sept. 12, with its stock price soaring over 50% within the first few hours of trading on the Nasdaq. The stock, trading under the symbol GEMI, opened at $28 per share and quickly rose in the early hours of trading. Prices briefly touched $40 before settling around $33 by midafternoon, giving Gemini a market capitalization of approximately $1.3 billion, according to Yahoo Finance. The closing price represented a gain of about 24% from its offering level.
The strong debut saw Gemini raise approximately $425 million by selling 15.2 million shares. The final offer price exceeded both its original range of $17 to $19 per share and a later revision that set expectations between $24 and $26. The exchange’s quick transition to the public market, just 10 days after filing its registration statement with the Securities and Exchange Commission on Sept. 2, reflects the growing investor demand for digital asset exposure.
While not the largest exchange by trading volume, Gemini has earned a reputation in the U.S. for its emphasis on compliance and security. Trading on its platform surged in the days leading up to the IPO, indicating strong investor interest in the company.
Gemini’s successful listing adds to a series of lucrative crypto-linked IPOs in 2025. Stablecoin operator Circle made its debut on the New York Stock Exchange earlier this year, with shares climbing from a $31 debut price to over $60, valuing the company at more than $33 billion. Blockchain financial firm Figure Technology Solutions also completed its IPO recently, experiencing a 24% first-day jump followed by further gains.
These listings underscore a renewed interest on Wall Street in digital asset equities, as investors seek exposure to crypto companies amid market volatility. The successful debuts of Gemini and other digital asset companies signal a growing acceptance of cryptocurrencies and blockchain technology in traditional financial markets.
Overall, the strong performance of Gemini’s IPO highlights the increasing mainstream adoption of digital assets and the growing investor interest in the crypto space. With more companies venturing into the public markets, the future looks promising for the intersection of traditional finance and the blockchain industry.