Gemini Crypto Exchange IPO Pops 14% as Winklevoss Twins Predict $1M Bitcoin

Company Overview - Gemini Space Station, founded by Tyler and Cameron Winklevoss, raised $425 million in its initial public offering (IPO) and was valued at approximately $3.3 billion before trading began [1] - The IPO was priced at $28 per share, exceeding the revised range of $24 to $26 and the initial range of $17 to $19, covering 15.2 million shares [1] Stock Performance - On its debut, Gemini's stock opened at $37.01, representing a 32% premium over the offer price, and reached a high of $45.89 during intraday trading before closing at $32, which is still 14% above the IPO level [2] Business Operations - Gemini operates a range of crypto services, including a spot exchange, custody solutions for institutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products [3] - As of the end of July, Gemini held over $21 billion in assets on its platform [3] - The company reported losses of $159 million in 2024 and $283 million in the first half of 2025 [3] Market Insights - Tyler Winklevoss referred to bitcoin as "gold 2.0" and suggested that the cryptocurrency adoption is still in the "first inning," projecting that bitcoin could reach $1 million within the next decade [4] - Gemini's listing follows previous listings of Coinbase in April 2021 and Bullish, which owns CoinDesk, last month [4]