GEMI Stock Soars Over 20% After Gemini’s Nasdaq Debut

TLDR

Table of Contents

GEMI stock surged 20% on its Nasdaq debut, opening above $40.
Gemini raised $425M after the IPO was oversubscribed 20 times.
Gemini’s market cap now stands at $4 billion post-IPO.
Grayscale and BitGo are next in line for public listings in crypto.

Gemini’s stock, GEMI, surged more than 20% on its first day of trading on the Nasdaq, marking a successful debut for the cryptocurrency exchange. Starting from an IPO price of $28 per share, GEMI reached over $40 early in the trading session, signaling strong investor interest. This move places Gemini as the fourth major crypto exchange to go public, joining other crypto firms that have recently listed on the stock exchange.

Strong Performance in Nasdaq Debut

After its IPO, Gemini’s stock recorded an impressive rise, opening above $40. According to Yahoo Finance data, GEMI stock was trading at about $34 by the end of the trading day, reflecting a 20% increase from the initial price of $28 per share. The initial public offering of Gemini was oversubscribed, with demand more than 20 times the number of available shares. This oversubscription resulted in the company raising $425 million, surpassing the target of $300 million.

Gemini’s successful listing continues the trend of strong performances by cryptocurrency companies on the public markets. Prior IPOs from other crypto-related firms, such as Circle and Bullish, were similarly oversubscribed and saw substantial early gains.

Gemini Joins Growing List of Public Crypto Exchanges

Gemini’s Nasdaq listing makes it the fourth publicly traded cryptocurrency exchange in the United States. Other exchanges that have already gone public include Coinbase, Robinhood, and Bullish. While Coinbase and Robinhood lead the market in terms of size, Gemini’s listing expands the number of options available for investors in the cryptocurrency space.

Source: Yahoo Finance; GEMI Daily Chart

Currently, Gemini’s market cap stands at nearly $4 billion, positioning it below Coinbase and Robinhood, which have market caps of $83 billion and $102 billion, respectively. Despite being smaller, Gemini is now an essential part of the public crypto exchange sector.

Focus Shifts to Future IPOs in the Crypto Sector

With Gemini’s IPO successfully completed, attention is now shifting to other crypto firms that have expressed interest in going public. Two of the prominent companies still in the process of preparing for IPOs are Grayscale and BitGo. Both companies have filed draft registration statements with the SEC but have not disclosed specific timelines or details for their upcoming offerings.

Grayscale and BitGo are well-known players in the cryptocurrency market. Their IPOs could further expand the reach of cryptocurrency companies on the stock market, providing more investment opportunities in the crypto space.

Gemini’s public listing highlights the growing interest in cryptocurrency companies and their role in the broader financial ecosystem. As more exchanges and firms go public, the market for crypto stocks is likely to continue evolving.

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