Gemini Space Station shares surged 32.2% in their Nasdaq debut, reaching a valuation of $4.4 billion. The company raised $425 million by selling around 15.2 million shares at an IPO price of $28 each, above the marketed range of $24 to $26.

Gemini’s successful debut showcases the strong rebound of the IPO market, fueled by favorable regulatory policies and rapid institutional adoption of digital assets. Recent successful IPOs from blockchain lender Figure and cryptocurrency exchange Bullish have further boosted investor optimism.

The U.S. IPO market is experiencing its busiest week since July 2021, benefiting from fading tariff concerns and a strong stock market. Swedish fintech firm Klarna’s hotly anticipated public debut on Wednesday sets the stage for more fintech companies to go public.

Gemini’s IPO success comes after a turnaround for the company, once entangled in regulatory probes. The company reported a net loss of $282.5 million in the first half of 2025 but expects trading volumes to rise with increased institutional adoption. Nasdaq’s $50 million strategic investment in Gemini also boosted investor confidence.

Gemini’s founders, Cameron and Tyler Winklevoss, now own about 75 million shares worth roughly $2.78 billion post-IPO. The company’s IPO was 20 times oversubscribed, with analysts praising the timing of the offering amid a pro-crypto regulatory environment and recent successes in the digital asset IPO space.

Gemini joins Coinbase and Bullish as a publicly listed cryptocurrency exchange in the U.S., with rising institutional interest expected to drive trading volumes. The company’s CFO, Dan Chen, expressed excitement for the next phase of growth, aiming to enhance transparency and build upon their decade-long ethos.

Read more at Yahoo Finance: Winklevoss twins’ crypto exchange Gemini valued at $4.4 billion in strong Nasdaq debut