Key Notes
- The cryptocurrency exchange raised $425 million with demand exceeding available shares by over 20 times during its IPO.
- Winklevoss twins now control a $3.07 billion stake while maintaining 94.5% voting power in the publicly traded company.
- Crypto companies have raised nearly $16 billion in 2025, driven by regulatory clarity and growing institutional adoption.
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.
According to its press release, 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.
Trading volume was substantial, with over 3.2 million shares changing hands in the first few hours. The stock experienced significant volatility, triggering two trading halts within the first hour due to price swings exceeding Nasdaq’s acceptable thresholds. The first halt occurred just 10 minutes after market open when shares jumped above $45, according to Yahoo! Finance.
Gemini’s public debut follows extraordinary investor interest, with demand reportedly exceeding available shares by more than 20 times. The exchange and its bankers made the unusual decision to cap the initial public offering (IPO) proceeds at $425 million while reducing the share count from 16.67 million to 15.2 million shares.
The Winklevoss twins, who own 75.37 million shares through Winklevoss Capital Fund LLC, saw their combined stake valued at approximately $3.07 billion at current trading prices. The brothers control 94.5% of the voting power in the company.
Crypto IPO Wave Accelerates With Institutional Backing
Gemini’s IPO represents the latest milestone in a significant wave of cryptocurrency and blockchain companies entering US public markets throughout 2025. This trend has been fueled by regulatory clarity—for example, the GENIUS Act—institutional adoption, and strong market performance in the digital asset sector.
The crypto IPO momentum began with Circle, the stablecoin issuer behind USDC, which achieved one of the year’s most successful IPOs. Another example is the exchange Bullish, backed by Peter Thiel, which completed a $1.1 billion IPO in August at $37 per share. The stock more than doubled on its debut day, reaching $68 and achieving a market valuation exceeding $10 billion.
Additionally, Figure Technology Solutions, a blockchain-based credit company, priced its IPO at $25 per share on Sept. 10, targeting a $5.3 billion valuation on the Nasdaq. The company’s shares jumped over 24% on their debut and continued rising in subsequent sessions.
Regulatory Clarity Drives Public Market Expansion
Favorable regulatory developments and institutional acceptance of digital assets have supported the crypto IPO surge. The passage of clearer federal frameworks for stablecoins has encouraged more crypto firms to pursue public listings as institutional investors show increased appetite for digital asset exposure.
Several prominent cryptocurrency companies are preparing for public debuts. Exchange operator Kraken is working toward a listing in early 2026 and exploring up to $1 billion in debt financing. Asset management giant Grayscale has also filed confidentially for a potential IPO following its success in the Bitcoin
BTC
$116 391
24h volatility:
1.7%
Market cap:
$2.32 T
Vol. 24h:
$51.84 B
ETF market.
Crypto companies have raised nearly $16 billion in 2025, surpassing 2024’s total by approximately $6 billion. Industry forecasts suggest crypto fundraising could reach $25 billion for the entire year, driven by infrastructure development, regulatory compliance, and institutional-grade solutions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
