Gemini Stock Jumps 45% in Early Trades After IPO

Core Insights - Gemini's shares opened at $41, reflecting a 45% increase from the IPO price of $28, which valued the company at approximately $3.3 billion [1] - The company raised $425 million by selling 15.2 million shares, despite reporting a net loss of $283 million in the first half of the year [1] - Gemini secured a $50 million strategic investment from Nasdaq to enhance its crypto custody services for institutional clients [2] Financial Performance - Gemini reported a net loss of $283 million in H1 2024, following a total loss of $159 million for the entire year of 2024 [1] - The IPO was priced above initial expectations, indicating strong market interest despite the company's financial losses [2] Market Context - The IPO of Gemini is part of a trend where other crypto-native platforms like Circle, Bullish, eToro, and Figure Technologies have also gone public this year [3] - The capital market for crypto firms appears to be thriving, supported by favorable U.S. regulatory actions [3]