Gemini’s $425 million Nasdaq debut marks the latest in a wave of blockbuster crypto IPOs, as investor demand surges for digital asset equities.
Shares of Gemini Space Station (GEMI), the digital asset exchange founded by Cameron and Tyler Winklevoss, surged in their market debut on Friday, signaling strong institutional appetite for crypto-related equities.
Gemini shares briefly topped $40 on Friday, according to Yahoo Finance data, before retreating later in the session. By the afternoon, Gemini was trading near $35 a share, up 24% on the day, for a market cap of around $1.3 billion.
The company priced its initial public offering at $28 per share late Thursday — well above its initial target range of $17 to $19, and even higher than the upwardly revised $24 to $26 range.
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