On September 12, 2025, the New York Stock Exchange witnessed a dramatic debut as Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, made its long-awaited initial public offering (IPO). The stock opened at $37.01—well above its offering price of $28 per share—before soaring as high as $45.89 during the day, according to Yonhap News and NEWSIS. By the closing bell, however, the price had settled at $32, marking a 14.3% gain over the IPO price and capping off a day of wild trading and investor excitement.
This listing marks Gemini as only the third major cryptocurrency exchange to go public on the NYSE, following the likes of Coinbase and Bullish. The IPO itself was no small feat: Gemini raised approximately $2.1 billion, giving the company a market capitalization of about $3 billion and a valuation that quickly climbed to $24 billion by the end of the first trading day, as reported by Yonhap News. The Winklevoss twins, early investors in Bitcoin and now well-known crypto billionaires, saw their combined stake in Gemini jump by nearly $300 million in a single day, bringing their total holdings to an estimated $2.4 billion.
Founded in 2014, Gemini started as a cryptocurrency trading platform but has since expanded into offering dollar-based stablecoins, crypto rewards credit cards, and institutional custody services. The company’s journey to the public market was anything but smooth. According to NEWSIS, Gemini’s IPO had been delayed and even canceled multiple times due to volatile market conditions and increased regulatory scrutiny—a challenge that has plagued many crypto companies in recent years. Despite these setbacks, the timing of the IPO proved fortuitous, coming on the heels of successful listings by other blockchain firms and amid a favorable regulatory shift under the current U.S. administration.
Jacob Zuller, an analyst at Third Bridge, commented to Yonhap News, “Gemini timed its capital raise and financial restructuring perfectly, leveraging the success of Bullish’s IPO and recent regulatory changes.” This optimism was echoed by investors, who drove the stock price up more than 60% at one point during the day before a late-session selloff brought it back down to earth.
The surge in Gemini’s stock price was also buoyed by broader enthusiasm in the cryptocurrency market. Bitcoin itself was trading at $116,135—a 0.54% increase over the previous day—according to Coinbase data cited by NEWSIS. This positive sentiment was further amplified by speculation about upcoming regulatory changes and the anticipated launch of new crypto-related financial products. Notably, the first U.S. meme coin ETF tracking Dogecoin was slated for release just days later, with industry observers expecting it to inject fresh momentum into the sector.
Gemini’s IPO was particularly notable for its pricing. The offering price of $28 per share exceeded both the initial guidance of $17–$19 and the expected range of $24–$26, reflecting robust investor demand. The company’s assets under management exceeded $21 billion as of late July, a testament to its growing influence in the digital asset space. The Winklevoss twins, never ones to shy away from bold predictions, told CNBC on the day of the IPO, “We believe Bitcoin will reach $1 million within the next ten years.”
The listing’s success also came against a backdrop of shifting political winds. As reported by NEWSIS, the Trump administration’s pro-cryptocurrency stance has given a boost to digital asset companies seeking to enter public markets. This policy environment has encouraged a wave of IPOs, with Gemini joining Bullish and Figure—another blockchain-based lender that recently enjoyed a strong debut—in leading the charge.
But the road ahead is not without its bumps. Documents filed with the U.S. Securities and Exchange Commission (SEC) reveal that Gemini reported a net loss of $159 million last year and $283 million in the first half of this year. The company’s financial performance has been volatile, reflecting both the risks and rewards of operating in the fast-evolving crypto industry. Despite these losses, Gemini’s leadership remains undeterred, signaling plans to continue pursuing growth and capital market opportunities.
Meanwhile, the broader investment landscape for crypto and related sectors continues to evolve. On September 18, the U.S. is set to see the launch of its first meme coin ETF, which, while not directly holding Gemini stock, will provide diversified exposure to the gas station and oil production sectors, according to NEWSIS. This ETF, approved under the 1940 Investment Company Act, is expected to track major brands such as Chevron, BP, Shell, and Sabine, offering investors a new way to tap into the growth of the gas station industry without the risks associated with individual stocks like Gemini.
Gemini’s journey to the public markets has been closely watched by industry insiders and retail investors alike. The company’s core businesses—convenience stores and gasoline retail—remain the primary drivers of its revenue, even as it explores new avenues in digital finance. The IPO comes at a challenging time for gas station operators in the U.S., many of whom have faced difficulties due to parent company bankruptcies and fluctuations in gasoline prices. Yet, Gemini’s ability to attract strong investor interest suggests that confidence in the company’s business model and future prospects remains high.
Despite its impressive debut, Gemini’s stock price has already shown signs of volatility—a hallmark of both the crypto and energy sectors. The company’s leadership, however, appears committed to weathering these storms. According to Yonhap News, Gemini is already preparing for another run at the public markets, with plans to adjust its IPO strategy in response to ongoing market and regulatory challenges.
As the dust settles on Gemini’s IPO, investors and industry observers will be watching closely to see whether the company can translate its initial market enthusiasm into sustained growth and profitability. For now, Gemini stands as a symbol of both the promise and the unpredictability of the crypto economy—a sector where fortunes can change in a matter of hours, and where bold bets, for better or worse, are the order of the day.
