Overview

• Gemini priced its IPO at $28, sold about 15.2 million shares to raise $425 million, and began trading on the Nasdaq under the ticker GEMI at an implied valuation near $3.3 billion.
• Shares opened at $37.01 and traded as high as roughly $40.71 before easing from intraday peaks, reflecting strong but volatile first‑day interest.
• The offering drew reported demand of more than 20 times the shares available, with proceeds intentionally capped at $425 million; up to 30% of shares were set aside for retail platforms and about 10% via a directed‑share program.
• Nasdaq committed a $50 million private placement at the IPO price, pairing capital with plans to expand access to Gemini’s custody services and distribute Nasdaq’s Calypso trade management software.
• Filings show 2024 revenue of $142.2 million with a $158.5 million net loss and a first‑half 2025 net loss of $282.5 million, as regulatory and political matters disclosed in the S‑1—including an unresolved SEC case and prior CFTC action—remain active risk factors.