Gemini goes public on Nasdaq: the cryptocurrency exchange enters an era of institutional recognition
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October 16, 2025, became a historic day for the crypto industry: Gemini — one of the oldest and most regulated cryptocurrency exchanges in the US — successfully conducted its initial public offering (IPO) on the Nasdaq exchange. Founded by brothers Cameron and Tyler Winklevoss in 2014, the platform was initially positioned as a 'next-generation cryptocurrency bank' aiming to combine blockchain innovations with the transparency of traditional financial institutions.
In response to the hype, the IPO organizers reduced the offering volume from 16.67 million to 15.2 million shares, limiting the raised funds to $425 million.
Interestingly, their journey began long before crypto: it was the Winklevosses who sued Mark Zuckerberg, claiming that the idea of Facebook belonged to them. Since then, they have become some of the most influential figures in the world of digital assets — from launching the first Bitcoin ETF in the US (approved by the SEC in 2024) to actively lobbying for crypto market regulation.
First day on the exchange: a surge of enthusiasm and sharp fluctuations
Gemini's shares began trading at $37.01 and almost immediately surged, reaching a peak of $40.71 — an increase of more than 40% in just a few minutes. However, as is often the case with assets linked to digital currencies, euphoria quickly gave way to correction: by the end of the day, quotes fell to $35. This volatility reflects the overall nature of the crypto market, where even 'traditional' stocks of companies dealing with Bitcoin or Ethereum often inherit the instability of the underlying assets.Record demand: investors vote with their wallets for regulated crypto assets
Interest in the IPO was unprecedented: applications exceeded supply by more than 20 times. This not only indicates trust in the Gemini brand but also a growing appetite among institutional investors for regulated crypto assets. In a context where the global cryptocurrency market exceeded $2.5 trillion in 2025 (according to CoinGecko), and Bitcoin is once again approaching historical highs, such companies are perceived as a 'safe entry' into the digital economy.In response to the hype, the IPO organizers reduced the offering volume from 16.67 million to 15.2 million shares, limiting the raised funds to $425 million.
Trading halts: Nasdaq faces crypto volatility for the first time
Just 10 minutes after the trading opened, the price of Gemini shares temporarily exceeded $45, prompting the first automatic trading halt under Nasdaq rules. In the first hour alone, there were two such pauses — a clear reminder that even 'traditional' exchanges are increasingly encountering behavior characteristic of the crypto market. Similar scenarios were observed during the debuts of other crypto companies, such as Coinbase in 2021, whose shares also demonstrated sharp jumps in the first hours of trading.The founders' fortunes: from Facebook to billions in crypto
After the IPO, the Winklevoss brothers, known not only as pioneers of the crypto industry but also as early investors in Bitcoin (they acquired about 1% of the total BTC supply back in 2012-2013), now control 75.37 million shares of Gemini through their structure Winklevoss Capital Fund LLC. According to current market estimates, their combined stake is worth about $3.07 billion.Interestingly, their journey began long before crypto: it was the Winklevosses who sued Mark Zuckerberg, claiming that the idea of Facebook belonged to them. Since then, they have become some of the most influential figures in the world of digital assets — from launching the first Bitcoin ETF in the US (approved by the SEC in 2024) to actively lobbying for crypto market regulation.