Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, had a strong public debut with shares trading above $40 on the Nasdaq. The rally briefly pushed the firm’s valuation to around $4.7 billion, following successful crypto IPOs this year.

Gemini raised about $425 million by selling over 15 million Class A shares at $28 each, exceeding its expected range. Despite a $282.5 million net loss for the first half of 2025, Nasdaq has agreed to purchase $50 million worth of Gemini stock in a private placement.

The Winklevoss twins will retain about 94.5% of voting power after the IPO, solidifying their control as Gemini becomes a public company. The twins are known for their early involvement in Facebook’s founding dispute with Mark Zuckerberg and their significant investments in Bitcoin.

Recognizing a gap in the crypto industry, the twins founded Gemini in 2014 to address issues like poor security and limited compliance in existing exchanges. They became pioneers in the digital asset space, with a strong belief in the need for regulated infrastructure to mainstream crypto.

Read more at Yahoo Finance: Another crypto IPO rallies as stock surges 40%