Gemini’s debut on September 12, 2025 sparked an initial pop before a swift reversal. Shares fell below the $28 offer price within days, prompting investors, regulators, and clients to question the firm’s value and its ability to stay in business. The reaction suggests that brand endorsements could not overcome concern about losses and lingering regulatory issues.
The digital asset exchange Gemini, operated by the Winklevoss brothers, listed its shares on September 12, 2025. The stock opened at $37.01, climbed to $45.89, and closed at $32; by September 18 it traded at $24.53, down 24% from the first print and 12% below the $28 offer price.
After the opening day spike the price dropped for six straight sessions; on October 7 it still sat under the offer price, and KBW assigned a “hold” rating the same day. Gemini sold 15.2 million shares at $28 each and collected $425 million after filing confidentially in March 2025 and publishing its prospectus in June. Before the listing Gemini paid $5 million to the CFTC to settle a 2024 case and the SEC closed its inquiry into the Gemini Earn program, while Nasdaq bought $50 million of Class A stock as a show of support.
Traders nevertheless focused on the income statement. Technical note: an IPO is the first public sale of a company’s stock on a regulated exchange.
Step by step: what happened with Gemini’s market launch
For the six months ended June 30, 2025, Gemini lost $282.5 million on revenue of $68.6 million, after a $159 million loss in 2024. The annualized revenue multiple reached 26 times, a level the market rejected for a firm that remains in the red.
An unresolved SEC action tied to Gemini Earn could add a $50 million penalty, a sum that looms large while losses continue. By contrast, priced its IPO at $31 and saw its shares rise to $107, evidence that investors favor models with steady cash flow. The market’s message is clear: profits and legal certainty outweigh narratives.
The next catalyst will be either a reduction in cash burn or full disclosure of remaining regulatory exposure. The market has already rendered a verdict: it will pay for profits and legal certainty, not for story.
