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Gemini stock reached as high as $45.89 in its first day of trading after initially being listed at $28 a share.
The crypto exchange raised $425 million from the IPO.
This is the second successful crypto-related IPO in as many days.
Gemini Space Station (NASDAQ: GEMI) soared on Friday, finishing the day up 14.3%. The move comes as the S&P 500 (SNPINDEX: ^GSPC) was down slightly and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.4%.
The cryptocurrency exchange operator's stock IPO'd this morning -- the latest IPO to see a massive first day.
Gemini raised $425 million in its IPO, initially pricing its stock at $28 per share. It opened trading, however, well above that price at $37.01 per share. The stock climbed as high as $45.89 during its first day -- a peak gain of 63.9% -- before falling back to $32 as the market closed.
Gemini is backed by the Winklevoss twins, who rose to fame after suing Mark Zuckerberg for allegedly stealing the idea of Facebook from them. The twins were early Bitcoin investors and have been advocating for increased regulation of crypto for years, in an effort to make it more attractive to traditional investors.
The IPO follows yesterday's successful debut for the blockchain-based lending platform, Figure Technology Solutions. The company initially priced its shares at $25, but the stock began trading at $36, and closed today at $32.50 per share.
There is clearly a lot of enthusiasm for crypto-related IPOs, but at its current price, I might hold off on Gemini. Its financials aren't in great shape, posting a net loss of $159 million in 2024, and losses actually accelerated in the first half of this year to $283 million. That trend is happening amid a booming crypto market.
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