Bitcoin Exchange Gemini Makes A Splash On Nasdaq | Crypto News
Bitcoin (BTC) and cryptocurrency exchange Gemini (GEMI), based by twins Tyler and Cameron Winklevoss, skilled a major debut on the Nasdaq, hovering almost 40% following the company’s initial public offering (IPO), which raised $425 million.
Gemini Success On Nasdaq Debut
Based in New York, Gemini priced its IPO late Thursday above the anticipated vary of $24 to $26, reflecting strong investor curiosity. This valuation positioned the company at roughly $3.3 billion before trading commenced.
Despite the profitable debut, Gemini has confronted financial challenges. According to its registration with the Securities and Exchange Commission (SEC), the company reported a web loss of $159 million in 2024 and a loss of $283 million in the first half of this yr.
The Winklevoss brothers, who are acknowledged as early Bitcoin buyers and the first Bitcoin billionaires, have constantly advocated for Bitcoin as a superior store of worth in contrast to gold.
In a current interview on CNBC’s Squawk Box, they expressed their perception that the price of the market’s main cryptocurrency might attain $1 million within the next decade, saying it might simply increase tenfold from its current price.
GEMI Stock Peaks At $40
The Winklevoss twins’ exchange debut on the Nasdaq follows those of Circle (CRCL), the issuer of the second-largest stablecoin by trading quantity (USDC), and Bullish (BLSH), the Peter Thiel–backed exchange, which had been among the first crypto companies to go public this yr.
According to Arkham data issued after the initial public offering debut today, the brothers’ long-dated dedication to Bitcoin and broader crypto market has led them to amass over $2 billion in crypto property, largely consisting of BTC.
The newly traded GEMI stock opened at $37.01 on Friday, considerably exceeding the IPO pricing of $28, and at one level reached a high of $45.74 during trading. Since, the stock has retraced toward its current valuation of $34.
Featured image from DALL-E, chart from TradingView.com
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