Gemini Space Station Inc., the crypto exchange founded by Cameron and Tyler Winklevoss, has gone live on Nasdaq today.
The company aimed to raise as much as $425 million through its initial public offering, pricing 16.7 million shares between $24 a share and $26 a share.
However, market sources told Bloomberg that the IPO was 20 times oversubscribed.
Critics cite risks in Gemini
One investor expressed concern about the company's value relative to other companies in the crypto and fintech sectors. Critics said that inflated demand could be more about the Winklevoss twins' brand and Bitcoin's current rally than the business's core fundamentals.
Related: Explained: Types of Bitcoin mining
The company has a robust initial market cap of $2.97 billion and approximately 118.8 million shares outstanding.
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Revenue: $68.6 million
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Net Loss: $282.5 million
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Total Assets: $1.57 billion
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Total Liabilities: $2.11 billion
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Shareholder Equity: Negative $1.06 billion
The financial results reveal significant tension, marked by substantial losses and debt, despite the strong IPO buzz. Gemini has to balance its need to grow with its growing obligations, which could put investors at risk.
On Friday, Gemini Space Station Inc. (GEMI) shares opened at $28 on their first day of trading, as per Nasdaq reports. So far, it is consistent with the marketed range, with relatively low volatility so far for a conservative but stable launch.
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According to an updated filing on Tuesday, the company plans to give up to 30% of the shares in its initial public offering to small investors through online brokerage platforms run by companies like Robinhood Markets Inc., Futu Holdings Ltd.'s Moomoo, and Webull Corp.
Wall Street backs Gemini
Many large Wall Street firms are backing Gemini's IPO. Citigroup and Goldman Sachs are the main underwriters, and a large group of major players, such as Morgan Stanley, Evercore, Mizuho, Cantor Fitzgerald, and others, are backing the deal.
Deloitte & Touche is the auditor, and Davis Polk & Wardwell is the lawyer for the underwriter. Gemini's public debut is a significant milestone, as it brings together a diverse group of top-tier banks, boutique firms, and minority-owned securities companies.
This story was originally reported by TheStreet on Sep 12, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
