Overview

• GEMI opened at $37.01 versus a $28 offer, surged above $45, triggered a brief trading halt for volatility, and closed at $32 for a 14% first-day gain, with valuations referenced between roughly $3.8 billion and $4.4 billion.
• The offering raised $425 million through about 15.2 million shares after demand reportedly topped available stock by more than 20 times, and the company capped proceeds.
• Nasdaq committed a $50 million private placement alongside the deal, and Goldman Sachs and Citigroup led the underwriting.
• SEC filings show net losses of roughly $159 million in 2024 and about $283 million in the first half of 2025, while the prospectus reports over $21 billion in client assets and around 10,000 institutional customers.
• A lawsuit with the SEC tied to a defunct lending program remains pending with a status update due Sept. 15, as the Winklevoss founders reiterated a long-term view that bitcoin could reach $1 million.