Gemini debuted on Nasdaq at a $4.4 billion valuation, with shares jumping to $37.01, a 32% increase from the IPO price of $28. The company raised $425 million through its IPO and was significantly oversubscribed. Wall Street giants Goldman Sachs and Cantor Fitzgerald were lead bookrunners. Gemini targeted a range of $17 to $19 per share.

Co-founders Cameron and Tyler Winklevoss were blown away by Bitcoin in 2012, leading them to create Gemini to mainstream cryptocurrency. The twins backed Donald Trump’s reelection bid and faced accusations from SEC nominee Brian Quintenz. Wall Street’s interest in crypto was evident through Gemini’s debut.

Figure Technologies also saw a successful Nasdaq debut with shares closing 24% above the IPO price at $31.11. Analysts see potential for advancing tokenization narratives amidst a busy IPO week in the U.S. Figure shares were trading 8.6% higher at $33.78. Gemini marks the 10th major crypto firm to tap public markets in the U.S. this year.

Carlos Guzman of GSR notes the trend of crypto firms tapping public markets, attributing it to Circle’s successful IPO in June. The market’s excitement extends beyond stablecoins, with Bullish, Figure, and Gemini seeing strong performances. The broader trend of investing in crypto-native firms is gaining traction among investors.

Read more at Yahoo Finance: Gemini Jumps on Nasdaq Debut, Hitting $4.4 Billion Valuation