Gemini Debuts on Nasdaq With IPO and GEMI Stock Trading Volatility

Gemini (Nasdaq: GEMI) has officially gone public, closing its first day on Nasdaq after an IPO that drew heavy investor demand and sharp price swings. Cameron and Tyler Winklevoss, co-founders of the platform, marked the occasion on September 12 by ringing the Opening Bell at Nasdaq MarketSite in Times Square.

Good to know

• IPO priced at $28 per share and closed first day at $33.10
• Offering heavily oversubscribed, signaling strong investor appetite
• Goldman Sachs and Citigroup led the underwriting syndicate

The stock opened trading at $37.01, climbed as high as $45.89, and dipped to a low of $31.56 before ending the day at $33.10. The early volatility reflected a mix of enthusiasm and caution, but overall demand for shares exceeded expectations.

Gemini had priced its IPO one day earlier at $28 per share, selling 15,178,572 shares of Class A common stock. Underwriters also received a 30-day option to purchase up to 300,565 additional shares from Gemini and 458,364 shares from existing shareholders. The company emphasized that proceeds from shares sold by current shareholders will not benefit Gemini directly. The firm noted the transaction “is expected to close on September 15, 2025, subject to customary closing conditions.”

A consortium of major banks handled the offering. Goldman Sachs & Co. LLC and Citigroup acted as lead coordinators, with Morgan Stanley and Cantor joining as bookrunners. Additional participants included Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt. Academy Securities, AmeriVet Securities, and Roberts & Ryan supported as co-managers. Gemini stressed that the IPO was conducted strictly through a prospectus filed with the U.S. Securities and Exchange Commission (SEC), whose registration statement has already been declared effective.

Founded in 2014, Gemini Space Station Inc. now operates across more than 60 countries, serving both retail crypto users and institutional clients. The company says its focus remains on providing secure and reliable digital asset services while widening financial access.