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.
According to CNBC, Gemini capped its offering at 15.2 million shares, raising $425 million and signaling heightened investor demand.
The exchange moved swiftly from filing its Form S-1 with the US Securities and Exchange Commission to debuting on the Nasdaq. As Cointelegraph reported, Gemini submitted its IPO registration on Sept. 2 and began trading 10 days later.
Although not among the world’s largest cryptocurrency exchanges by trading volume, Gemini is regarded as a major US platform with a reputation for security and regulatory compliance. According to CoinMarketCap, the exchange saw trading activity rise in the days leading up to its public listing.
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Crypto IPOs see strong investor appetite
Gemini is one of several cryptocurrency companies to stage high-profile public offerings in 2025, amid a surge of investor interest in the sector.
Stablecoin issuer Circle (CRCL) has been among the standout performers, with its shares soaring more than 160% on their first day of trading on the New York Stock Exchange. Since debuting at $31, the stock has climbed to over $60, giving the company a market capitalization above $33 billion, according to Yahoo Finance.
Shortly after boosting its IPO price, blockchain-focused financial services company Figure Technology Solutions (FIGR) delivered a strong debut, rising more than 24% on its first day of trading on Thursday. The stock extended gains in Friday’s session, up more than 12% at midday.
While not an IPO, game publisher–turned–digital asset treasury company Mega Matrix (MPU) has also seen its stock surge after announcing plans to pivot into the stablecoin sector. Its stablecoin push culminated in early September, when the company unveiled a $2 billion shelf registration to support investments in the Ethena ecosystem.
MPU stock has experienced heavy volatility, but remains up over 150% over the past six months.
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