Another crypto IPO rallies as stock surges 40%

Company Overview - Gemini, a crypto exchange founded by Tyler and Cameron Winklevoss, had a successful public debut on September 13, with shares initially trading above $40 on Nasdaq, leading to a valuation of approximately $4.7 billion [1][2] - The company raised about $425 million by selling over 15 million Class A shares at $28 each, exceeding the expected range of $24 to $26 [2] - Despite the positive debut, Gemini reported a net loss of $282.5 million for the first half of 2025, even as trading volumes increased [3] Ownership and Control - The Winklevoss twins will maintain approximately 94.5% of the voting power post-IPO, ensuring their control over the company as it transitions to a public entity [3] Market Context - The listing of Gemini under the ticker GEMI follows a series of successful crypto IPOs this year, including those of Figure Technology Solutions and Circle [1] - Nasdaq has committed to purchasing $50 million worth of Gemini stock in a private placement, providing additional financial support to the firm [3] Founding and Vision - Gemini was established in 2014 by the Winklevoss twins, who are recognized for their early involvement in the Facebook founding dispute and their significant investments in Bitcoin [4][5] - The twins identified a critical gap in the crypto industry regarding security, compliance, and regulatory trust, which motivated them to create a more reliable exchange [6]