Gemini's stock soared to $41 in its debut on the Nasdaq, representing a 45% increase from its IPO price of $28. The Winklevoss-led cryptocurrency exchange raised $425 million by selling 15.2 million shares, giving it a valuation of approximately $3.3 billion. Despite reporting a net loss of $283 million in the first half of the year, Gemini's IPO is part of a broader trend in the crypto market, where several firms including Bullish, Circle, and eToro have gone public in 2025. This growth in the sector is supported by favorable regulatory actions in the U.S. Additionally, Nasdaq has made a strategic investment of $50 million in Gemini, which aims to enhance its crypto custody services for institutional clients, positioning Gemini as a key partner for trade management software. The IPO reflects investor confidence in cryptocurrency firms, despite some financial challenges faced by these companies.

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