Gemini Space Station, Inc., better known as Gemini, is set to launch its initial public offering on the Nasdaq Global Select Market, aiming to capture attention in the booming cryptocurrency market.
The company had planned to raise up to $433 million by offering approximately 17 million Class A common shares at a recently upsized price range of $24 to $26 per share. However, Bloomberg reported that Gemini Space Station ultimately priced its IPO at $28 per share late Thursday, pushing its valuation to around $3.3 billion.
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini operates as a trusted cryptocurrency exchange and custodian. It currently serves more than 60 countries with services that include spot trading, staking, secure custody, its own stablecoin GUSD, and a crypto rewards credit card. Positioned firmly in the cryptocurrency sector within the broader financial technology industry, Gemini aims to ride the wave of pro-crypto sentiment in 2025 even though it continues to trail Coinbase and other competitors in terms of adoption and product breadth.
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What Day and Time is Gemini Going Public?
Gemini’s IPO is scheduled to debut today, September 12, 2025, on the Nasdaq under the ticker GEMI.
The shares priced on the evening of September 11, following an investor roadshow that sparked significant demand with reports suggesting more than 20 times oversubscription.
Trading is expected to begin this morning in line with Nasdaq’s standard procedure, shortly after the market opens at 9:30 AM Eastern Time. While the exact moment has not been confirmed, most Nasdaq IPOs launch between 10:00 AM and 11:00 AM.
Recent Crypto IPOs: Listing Time Trends on Nasdaq and NYSE
To better understand when Gemini might actually begin trading, it is useful to look at the recent listing times of other crypto-related and fintech-adjacent companies on the Nasdaq and the New York Stock Exchange.
The 2025 crypto IPO wave has been remarkable, driven by corporate treasury strategies that include Bitcoin, Ethereum, and Solana. Companies holding these assets have often enjoyed a sharp “initial pop” in share prices before profit-taking set in. Backing from large investors such as Digital Currency Group and Galaxy Digital has also played a role in sustaining momentum.
Figure Technologies debuted on the Nasdaq on September 11, 2025, at 10:20 AM Eastern Time. The blockchain lending platform priced at $25 and immediately surged by more than 100 percent to reach a $5.3 billion valuation, reflecting strong investor appetite for tokenized assets.
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Earlier in May 2025, eToro, the crypto-friendly social trading platform, opened at 10:15 AM Eastern Time and jumped 43 percent to a $5.4 billion valuation. Around the same time, Galaxy Digital, which uplisted from Toronto, began trading on Nasdaq at 10:30 AM Eastern Time and saw modest early gains backed by institutional confidence.
Bullish, a direct competitor to Gemini backed by Peter Thiel, listed on the New York Stock Exchange on August 13, 2025, and opened at 10:45 AM Eastern Time. Its stock soared intraday by as much as 218 percent before closing the day up 84 percent.
Circle Internet Group, issuer of the USDC stablecoin, went public on June 5, 2025, at 10:10 AM Eastern Time and delivered a stunning first-day surge of 235 percent to an $85 billion valuation.
The average opening time across these listings is close to 10:30 AM Eastern Time. Based on this pattern, it is likely that Gemini stock will open and begin trading around 10:30 AM Eastern Time on September 12, 2025, in line with Nasdaq’s approach to capturing morning market momentum.
IPO Filing and Timeline
Gemini’s journey to the public markets began earlier this year. The company confidentially filed for a U.S. IPO with the Securities and Exchange Commission in March 2025, after first announcing its intentions in February 2025. A public S-1 filing followed on August 15, 2025, providing a detailed look into its operations, financials, and market ambitions.
After launching its roadshow on September 2, immediately after Labor Day, Gemini finalized pricing on the evening of September 11. Shares are scheduled to begin trading on September 12, 2025, on the Nasdaq Global Select Market under the ticker GEMI.
Offering Details
The offering consists of 16.67 million Class A common shares, with a mix of primary shares issued by the company and secondary shares sold by existing stockholders.
Initially, the price range was set between $17 and $19 per share when announced on September 2, which would have raised between $283 million and $317 million.
However, strong investor demand led Gemini to revise the range to $24 to $26 per share on September 9, boosting the potential proceeds to $433 million and lifting the valuation target to as high as $3.08 billion. Bloomberg reported that the company ultimately priced the IPO at $28 per share late Thursday, valuing Gemini Space Station at around $3.3 billion.
The deal also includes a standard 30-day greenshoe option, allowing underwriters to purchase an additional 2.5 million shares.
Gemini Opening Price Prediction – What to Expect?
Investors looking for a Gemini opening price prediction should recognize the factors driving demand. The IPO price range of $24 to $26 could see an immediate premium in the first trades.
Given the scale of oversubscription and enthusiasm for crypto stocks, shares may open in the $35 to $50 range. Comparisons with Bullish and Circle, which delivered enormous first-day pops of 84% and 235% respectively, support the idea that Gemini may enjoy a strong opening.
The Broader Crypto IPO Landscape
The Gemini offering comes during a year that has been transformative for crypto listings more generally. Beyond exchanges, new projects such as Worldcoin have emerged at the intersection of blockchain and artificial intelligence.
Worldcoin, backed by Sam Altman, promotes a “proof of human” model that uses iris-scanning technology to confirm digital identity while rewarding users with tokens. This concept aligns with the broader vision expressed by BlackRock’s Larry Fink, who has described digital identity as central to the future of asset tokenization. Although Worldcoin remains private for now, public markets have responded to related strategies.
On September 8, 2025, Eightco Holdings, which rebranded as ORBS, saw its stock surge by 3,800 percent after announcing a $250 million Worldcoin treasury plan. This reflects a broader trend in which Solana and Ethereum treasury strategies have recently outperformed those centered on Bitcoin, which has lagged during the latest cycle.
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