Gemini Surges on Nasdaq Debut

Shares of cryptocurrency exchange Gemini soared 45% above their initial public offering (IPO) price on their debut on the Nasdaq. The company successfully raised $425 million, with shares opening at $37.01 and reaching a high of $40.71. This marks Gemini as the third publicly traded cryptocurrency exchange in the U.S., with a current valuation of $3.3 billion.

Initially, Gemini set its IPO price between $17 and $19, but increased it due to strong demand from retail investors. The company received backing from Goldman Sachs and Citi, while Nasdaq made a strategic investment of $50 million. This IPO is seen as a step towards greater regulatory clarity and mainstream adoption of cryptocurrency firms.

The listing follows other notable crypto IPOs, including Figure, Bullish, and Circle. Gemini's successful debut is expected to accelerate the mainstream adoption of cryptocurrencies. The Winklevoss twins, founders of Gemini, have also predicted that Bitcoin's price will reach $1 million within a decade.

Operating in 60 countries, Gemini has grown by maintaining customer loyalty and a long-term vision. The IPO is considered a significant milestone, marking a new beginning for the company.