Gemini Stock Opens Above IPO Price, Then Slips, in Trading Debut

Shares of Gemini (GEMI) popped on their trading debut, then gave up some ground.

The crypto exchange’s stock, which opened at $37—well above its $28 IPO price—recently traded around $36, off earlier highs near $46. Twin brothers Tyler and Cameron Winklevoss, the company’s founders, rang the opening bell at the Nasdaq in New York City Friday wearing t-shirts picturing a rocket in space.

Gemini, founded in 2014, set its IPO price overnight, arriving above an already-boosted expected range of $24 to $26. The company, officially known as Gemini Space Station, sold 15.1 million Class A shares, fewer than previously expected, but at a higher price. The deal raised $425 million, according to the company.

“While we’ve accomplished much in the first 10 years, we feel like we’re just getting started,” Tyler Winklevoss said in prepared remarks .

IPO Is the Latest Crypto Name to Hit the Stock Market

Gemini secured a $50 million private placement investment from Nasdaq, in recent days raised its IPO range, and saw strong demand for the shares: Reuters reported Thursday that demand for the shares was more than 20 times higher than shares available.

Its public debut follows those of other big crypto names like stablecoin operator Circle (CRCL) and institution-focused digital assets platform Bullish (BLSH).

Gemini operates one of the better known crypto exchanges in the U.S., has a credit card that offers crypto rewards and a stablecoin. Though Gemini’s trading volumes are a fraction of the U.S.’s largest crypto exchange Coinbase (COIN), the company said it sees untapped potential in tokenization and card payments for its future growth.

Most of the company’s revenue comes from transaction fees on trading activity. It had total revenue of $68.6 million for the six months ended in June, with transaction fees accounting for over 65%.

“We think of ourselves as a platform more so than an exchange and custodian,” said COO Marshall Beard in an interview with Yahoo Finance on Friday. “And we kind of see this future of like a super app as a we move financial markets onchain, which is the ultimate goal of our business and our industry.”

This article has been updated since it was first published to add information and reflect the start of trading.