Gemini IPO: How to buy Gemini shares

What does Gemini do?

Gemini is a regulated crypto exchange and custodian founded in 2014 by the Winklevoss twins, Cameron and Tyler. It allows users to buy, sell, trade, and securely store over 70 cryptocurrencies, including Bitcoin and Ethereum.

Aside from trading, the firm offers an insured hot wallet called Gemini Wallet, institutional cold storage under Gemini Custody, off-exchange trade settlement under Gemini Clearing and a regulated stablecoin Gemini Dollar (GUSD).

Gemini is regulated by the New York State Department of Financial Services (NYDFS) and operates in all 50 U.S. states and over 60 countries globally. Gemini’s emphasis on compliance is a sticking point for some users, especially given its higher fees and more limited selection of tradable assets than some of its competitors.

💡 Discover: Check out the 12 spot Bitcoin ETFs on Wall St

What is the Gemini IPO date?

Gemini held its initial public offering (IPO) on the Nasdaq on 12 September, pricing shares at US$28 – above its anticipated range. Gemini offered 15.2 million shares and raised around US$425 million at launch.

Gemini filed for its IPO on 15 August, two months after a confidential submission with the U.S. Securities and Exchange Commission (SEC), confirming its intentions to list on Nasdaq.

What is the ticker symbol for Gemini?

$GEMI is the ticker symbol that Gemini has confirmed it will use for its listing on the Nasdaq index.

How did the Gemini IPO perform?

The Gemini IPO was significantly oversubscribed, with demand exceeding supply by more than 20 times. Shares opened for trading at US$37.01 – more than 32% higher than its IPO price – and quickly surged to an intraday high of US$45.89. 

GEMI shares settled its first day of trading at US$32, with a market capitalisation of around US$1.4b.

The stock’s trading volume was well above average, with nearly 33 million shares changing hands on Friday.

What is the Gemini IPO share price?

The IPO was priced at US$28 per share, above the revised range of US$24 to US$26, due to strong demand.

The company planned to offer around 16.67 million shares but issued about 15.2 million shares at the final US$28 price.

Gemini initially planned a price range of US $17 to US$19 per share, revising the range higher to sit between US$17 and US$19, and then further to US$24 to US$26 before its final price of US$28 per share.

In connection with the offering, Gemini and the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 2,396,348 and 103,652 shares of Class A common stock. 

This is what’s referred to as a ‘greenshoe option’ to help underwriters manage demand and price stability in the early days of trading. If the IPO sees strong demand and is oversubscribed, it gives underwriters the option to exercise the option and buy more shares at the IPO price.

How to buy shares in Gemini

Gemini is currently not listed. When the business completes its IPO, you can follow the steps below to buy shares in the company on Stake.

1. Open a stock investing account

If you want to buy Gemini stock, you'll need to sign up to an investing platform with access to the U.S. stock exchanges. Lucky for you, Stake has access to the Nasdaq and NYSE.

2. Fund your account

Complete an application with your personal and financial details. Fund your account with a bank transfer, debit card or even Apple/Google Pay.

3. Search for Gemini or look for their ticker symbol

Find the asset by searching for the name or ticker symbol. Do your own research to ensure it is the right investment product for your own circumstances.

4. Choose an order type and buy the asset

Buy on any trading day using a market order or limit order to delay your purchase of the asset until it reaches your desired price. You may wish to look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.

5. Monitor your investment

Once you own a stock, you should keep an eye on its performance. Check your portfolio regularly to ensure your investment is aligning with your financial goals.

Sign up to invest in this IPO

Sign up in minutes and get access to this IPO when it enters the market.

Access this IPO

Will Gemini have a dual-class share structure?

Yes, Gemini will be a controlled company under the Nasdaq. This means 50% of the voting power for the election of directors will be held by a single person, entity, or group. This control grants the controlling party substantial influence over corporate governance decisions.

Gemini’s Class A stock will carry one vote per share and Class B stock will carry 10 votes per share. This will allow the Winklevoss twins to retain substantial influence over corporate governance decisions despite public investors holding Class A shares.

The specific count of Class B shares has not been finalised or publicly detailed in the IPO filings disclosed so far.

Who is underwriting the IPO?

Wall Street giants Goldman Sachs and Citigroup lead the underwriters for Gemini's IPO, with Morgan Stanley and Cantor Fitzgerald also serving as lead bookrunners.

Additional financial firms involved in the underwriting team include Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Capital, and Rosenblatt.

Underwriters have the option to buy up additional shares of Class A common stock for up to 30 days after the offering.

What is Gemini’s financial position?

In the first half of 2025, Gemini reported a substantial net loss of US$282.5m, a sharp increase from the US$41.4m loss in the same period of 2024. Revenue declined by 7.6% year-over-year to US$68.6m. 

The rising losses have been attributed to increased legal costs, declining trading volumes, and US$62m in losses from related-party crypto loans. Adjusted EBITDA swung from a US$32m profit in early 2024 to a US$113.5m loss in early 2025.

Source: Gemini S-1 [1]

Note: Figures in brackets refer to negative amounts.

To support its capital needs, Gemini secured a US$75m credit line from XRP-issuer Ripple, denominated in Ripple’s RLUSD stablecoin.

Despite some operational difficulties, Gemini continues to have around US$18b in assets under custody and serves over 523,000 monthly active users and around 10,000 institutional clients.

Gemini plans to use the proceeds from its IPO for general corporate purposes, as well as to repay a portion of its debt.

Will Gemini issue a dividend?

Gemini does not anticipate paying any cash dividends on its Class A or Class B common stock for this offering or for the foreseeable future.

The firm said future determination of dividends will be made at the discretion of its board of directors, and will be subject to factors including its financial position and capital requirements.

Who are Cameron and Tyler Winklevoss?

Cameron and Tyler Winklevoss own Gemini. The identical twins were born in Southampton, New York, and gained early recognition as Olympic rowers, competing for the U.S. in the 2008 Beijing Olympics.

While attending Harvard, they co-founded ConnectU (initially HarvardConnection). They famously sued Meta Platforms ($META) founder and CEO Mark Zuckerberg, claiming he stole their idea for Facebook – a legal battle that ended in a settlement of US$65m. This was composed of US$20m in cash and US$45m in Facebook stock at the time of the settlement.

In 2014, they founded Gemini. Cameron serves as President and Tyler as CEO. They’re recognised as early crypto investors and major industry influencers.

As of 2025, the net worth of Cameron and Tyler Winklevoss is estimated to be around US$5b to US$7.5b each, with some sources placing their combined net worth at about US$10b. Their wealth primarily comes from their early investments in Bitcoin, holding around 70,000 BTC valued at over US$7.9b, and their crypto exchange Gemini.

What other ventures has the Winklevoss twins backed?

The Winklevoss twins have a number of ventures beyond Gemini:

Winklevoss Capital Management: Their venture capital arm that has invested in over 25 digital asset startups and technology companies.

Real Bedford FC (Football Club): In early 2025, they purchased a 45% stake in the English eighth-tier football club Real Bedford FC, investing approximately £3.5m, to help develop training facilities and youth talent.

American Bitcoin Corp : They made an undisclosed Bitcoin investment in Hut 8 ($HUT) subsidiary American Bitcoin Corp – a crypto mining venture tied to President Donald Trump’s sons Donald Trump Jr. and Eric Trump. 

The twins also donated US$2m in Bitcoin to Donald Trump’s 2024 campaign, which was partially refunded due to legal limits, and have intensified political engagement supporting Republican initiatives. 

How will Gemini perform post-IPO?

The first half of 2025 has seen strong IPO first-day performances, with Figma ($FIG), Circle ($CRCL) and Bullish ($BLSH) posting triple-digit rallies on their public debuts.

The strong investor appetite for new listings, coupled with a surge in interest for crypto-focused firms led to massive interest in GEMI on its first day of trading.

However, some analysts warn that Gemini's deteriorating financials may affect market perception and IPO reception, especially compared to more profitable peers like Coinbase or Circle.

Gemini IPO details

We’ll update this article when more information becomes available.

🎓 Learn more: What is an initial public offering and how do they work?→

Disclaimer

The information contained above does not constitute financial product advice nor a recommendation to invest in any of the securities listed. Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation and particular needs. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

$3 brokerage fee only applies to trades up to $30k in value (USD for Wall St trades and AUD for ASX trades). Please refer to hellostake.com/pricing for other fees that are applicable.

Sources

[1] Gemini Space Station, Inc. Form S-1