Gemini's IPO raises $425 million, closes with 14% gain in Nasdaq debut

• Gemini's IPO surpassed expectations, raising $425 million at $28 per share.
• The firm's stock began trading on the Nasdaq with a valuation of $4.4 billion following its IPO.
• GEMI closed the day with a 14% rise, moving above $33 in after hours trading.

Gemini debuted on Nasdaq on Friday under the ticker GEMI following the sale of roughly 15.2 million shares of its Class A stock at $28 per share, giving it a market valuation of $4.4 billion.

Gemini joins list of public crypto companies following Nasdaq debut

Crypto exchange Gemini made its Nasdaq debut on Friday under the ticker GEMI with a valuation of $4.4 billion.

The stock opened at $37.01, well above its IPO price of $28 per share, through which the crypto exchange raised $425 million by selling roughly 15.2 million shares.

Gemini earlier raised its IPO price to a range between $24 to $26 per share on Thursday, beating its initial projection of $17 to $19 per share.

The firm announced earlier this week that Nasdaq had agreed to purchase $50 million worth of Gemini’s Class A common stock through a private placement.

Co-founders Cameron and Tyler Winklevoss are expected to retain about 94.5% of Gemini’s voting power following the IPO, according to a Bloomberg report.

The launch marks a strong finish to the week for crypto firms who joined the public market, including Figure Technology (FIGR), a crypto financial services firm, which surged more than 24% in its market debut on Thursday.

Gemini also joins Robinhood, Coinbase, Circle and Bullish among publicly traded crypto firms.

The company's co-founders shared their excitement regarding the launch during an interview with CNBC on Friday.

"On day one it was just Bitcoin. Gemini was a place people could easily and safely buy, sell and store Bitcoin and now I think we have +100 tokens. So, the space has grown considerably over the last decade, but we think it's just the beginning,” Cameron Winklevoss told CNBC.

Gemini's shares traded at $32 on Friday, up 14% at the close of the market. The stock has extended its gains in after market trading, rising 1.5% at publication time.