Gemini opened at $37.01 today, 32% above its $28 IPO price, giving it a market cap of around $4.4 billion. Cameron and Tyler Winklevoss, who own the majority of the company, just watched their net worth increase by roughly $3 billion in a single morning.
This is the same company everyone was writing off 18 months ago during the crypto winter. Gemini raised $425 million by selling 15.2 million shares, pricing above their initial range of $24-27. Demand was so strong they could have priced higher, but apparently decided not to be greedy.
The timing is perfect for crypto IPOs. We're in a bull market, Bitcoin is above $100K, and institutional adoption is finally real. Galaxy Digital scooped up $700M worth of Solana from exchanges this week. Traditional finance isn't just tolerating crypto anymore - they're actively buying.
What's hilarious is how this validates the Winklevoss twins' entire strategy. They got rich from Facebook, used that money to buy Bitcoin early, then built Gemini when everyone thought crypto was dying. Now they're worth more than most of the VCs who laughed at them.
Gemini's actually built a solid business too. They're not just another shitcoin casino like most crypto exchanges. They focus on institutional clients and regulatory compliance - basically the opposite of what Sam Bankman-Fried was doing at FTX. When FTX collapsed, Gemini looked like the responsible adult in the room.
The IPO was 20 times oversubscribed according to sources, which means there was real institutional demand, not just retail FOMO. That's significant because it means pension funds and mutual funds are finally comfortable investing in crypto infrastructure companies.
Compare this to Coinbase, which went public in 2021 at the height of crypto mania, opened at $429, and spent the next two years bleeding down to $40. I watched my Coinbase shares tank along with everyone else who bought into the hype. Gemini's launching into a more mature, institutionally-driven market where valuations actually make sense relative to revenue.
The revenue sharing model is sustainable too. Unlike trading-focused exchanges that live and die by volatile crypto volumes, Gemini makes money from custody fees, institutional services, and regulatory compliance consulting. That's recurring revenue that doesn't disappear during bear markets.
Stock jumped as high as 45% in early trading before settling back around the $37 range. That's still a massive win for early investors and shows there's real appetite for well-run crypto companies.
The Winklevoss twins have been playing the long game since 2013. While other crypto bros were getting rich quick and losing it all (I should know, I lost 40% of my portfolio in the Terra Luna collapse), they've been building actual businesses and accumulating assets. Today's IPO pop is just the latest vindication that patience and compliance actually pay off in crypto.