Stock Exchange Debut for Gemini, Marking a $4.4 Billion Valuation Success
In a significant development for the cryptocurrency industry, Gemini and Figure Technologies have successfully gone public on the US stock market, marking the 10th and 11th major crypto firms to tap public markets for funding in the U.S. this year.
Gemini, co-founded by the Winklevoss twins, debuted on the Nasdaq at a roughly $4.4 billion valuation. The share price opened at $37.01 apiece, a 32% increase from its IPO price of $28. This strong start follows a significant oversubscription of the IPO.
Meanwhile, Figure Technologies' stock closed 24% above its IPO price at $31.11, with shares trading 8.6% higher on Friday at $33.78. Figure's successful debut on the Nasdaq came after Wall Street giants Goldman Sachs and Cantor Fitzgerald were among the lead bookrunners for Gemini's IPO.
The success of these IPOs could advance tokenization narratives amid the busiest IPO week in the U.S. since 2021. According to research analyst Carlos Guzman at crypto market maker GSR, the trend of crypto firms going public crystalized after Circle's IPO in June. It was reasonable to question whether Circle's success was due to investors' interest in stablecoins or their appetite for crypto-native firms more broadly, according to Guzman.
The Winklevoss twins, co-founders of Gemini, were "completely blown away" by Bitcoin when they discovered it in the summer of 2012. Since then, Gemini has grown to become a leading cryptocurrency exchange, offering trading and custody services for institutional clients. The company's recent expansion was facilitated by receiving its BitLicense and money transmitter license from the New York State Department of Financial Services.
Gemini raised $425 million through its IPO, with 10% of the offering reserved for a "directed share program." The company has seen a volatile but generally positive stock price development since its August 2025 listing, with strong quarterly results and regulatory approvals leading to recent price recoveries.
The success of Figure and Gemini's IPOs suggests a growing interest in crypto-native firms. This trend could signal a shift in the perception of the cryptocurrency industry by traditional financial markets, potentially leading to further growth and innovation in the sector.
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