Gemini IPO trades over $40 per share, sending Winklevoss-led firm's valuation to $4.75 billion

Gemini Space Station (ticker GEMI), the crypto firm led by Tyler and Cameron Winklevoss, saw its shares trade above $40 per share on Friday, pushing its valuation, at least temporarily, to approximately $4.75 billion.

Earlier in the day, Gemini said it had raised $425 million by selling over 15 million Class A shares for $28 each after listing on the Nasdaq exchange, according to a press release. Gemini had expected a market price of $24 to $26, an increase from a previous estimate.

The trading pop on IPO day mirrors other crypto firm listings like blockchain-based financial services company Figure Technology Solutions and USDC stablecoin issuer Circle, which have also gone public this year.

Figure's IPO debuted this week, with its shares closing approximately 24% higher than its IPO price. BitGo, Grayscale, and Kraken are other crypto companies aiming to list their shares publicly.

GEMI shares were changing hands at $33.62 as of 2:11 p.m. ET, according to Yahoo Finance.

Gemini acts as both a crypto trading platform and custodian. The firm was founded in 2014 by the Winklevoss brothers, who were previously best known for their early involvement with Facebook. According to a report from Bloomberg, the identical twins are expected to control about 94.5% of the voting power after the IPO.

"On day one it was just bitcoin. Gemini was a place people could easily and safely buy, sell and store bitcoin and now I think we have +100 tokens. So, the space has grown considerably over the last decade, but we think it's just the beginning," Cameron Winklevoss said during a CNBC interview on Friday.

In the same interview, the Winklevoss brothers promoted a Gemini credit card that enables users to earn cash back in bitcoin or other cryptocurrencies.

Earlier this week, Gemini disclosed that Nasdaq has an agreement to buy $50 million of Gemini's Class A common stock in a private placement. According to a Securities and Exchange Commission filing related to its IPO last month, Gemini registered a net loss of $282.5 million for the first half of 2025, despite rocketing crypto volumes, which surprised some analysts.