Gemini Shares Surge 40% Following $28 Nasdaq IPO Amid Crypto Market Rally

Company Overview - Cryptocurrency exchange Gemini Space Station, founded by twins Cameron and Tyler Winklevoss, began trading on the Nasdaq on September 12 at $28 per share, raising $425 million in its initial public offering [1] - The Winklevoss twins own 75.37 million shares through Winklevoss Capital Fund LLC, with their combined stake valued at approximately $3.07 billion at current trading prices, controlling 94.5% of the voting power in the company [4] Trading Performance - The stock opened at $37.01 and surged over 40% during its first trading session, reaching a peak of $40.71 before settling around $35 by midday [1] - Trading volume was substantial, with over 3.2 million shares changing hands in the first few hours, experiencing significant volatility that triggered two trading halts within the first hour due to price swings exceeding Nasdaq's acceptable thresholds [2] IPO Demand and Market Context - Demand for Gemini's shares reportedly exceeded available shares by more than 20 times, leading to the decision to cap the IPO proceeds at $425 million while reducing the share count from 16.67 million to 15.2 million shares [3] - Gemini's IPO represents a significant wave of cryptocurrency and blockchain companies entering US public markets throughout 2025, driven by regulatory clarity, institutional adoption, and strong market performance in the digital asset sector [5][8] Industry Trends - The crypto IPO momentum began with Circle, the stablecoin issuer behind USDC, achieving one of the year's most successful IPOs, followed by Bullish, which completed a $1.1 billion IPO in August [6] - Figure Technology Solutions, a blockchain-based credit company, priced its IPO at $25 per share on September 10, targeting a $5.3 billion valuation on the Nasdaq, with shares jumping over 24% on their debut [7]