Winklevoss twins' Gemini stock jumps over 30% in NYSE debut after pricing IPO above range

Company Overview - Gemini Space Station, founded in 2014 by the Winklevoss twins, operates primarily as a crypto exchange and holds over $21 billion in assets, with a valuation of $3.3 billion following its IPO [2][5]. - The company went public on the New York Stock Exchange under the ticker symbol "GEMI," pricing its initial public offering at $28 per share, which was above the expected range of $24 to $26 [1][4]. IPO Performance - Shares of Gemini jumped approximately 32% at the open, trading at $37.01, indicating strong market interest [1]. - The IPO capped the value of the offering at $425 million, with 15.2 million shares sold, reflecting high demand despite initially marketing 16.67 million shares [4]. Financial Performance - Gemini reported significant losses, including a net loss of $283 million in the first half of the year and a net loss of $159 million in 2024 [5]. - The exchange currently hosts a small fraction of crypto trading in the U.S., with Coinbase attracting about 25 times the trading volume of Gemini recently [6]. Investment and Support - Nasdaq announced a $50 million investment in Gemini, which will also offer custodial services to its clients, marking a significant endorsement for the company [7][9]. - The Winklevoss twins own approximately 80% of Gemini and have relied on loans from their personal wealth to support the business [7]. Retail Investor Engagement - Up to 30% of Gemini shares are set aside for retail investors through various platforms, including Robinhood and SoFi, indicating a strategy to engage individual investors [5].