tl;dr
Gemini Space Station's IPO surged 14% after pricing above expectations, valuing the company at $3.3 billion. The exchange, founded by Tyler and Cameron Winklevoss, reported significant losses but has diversified into stablecoins, crypto-backed credit cards, and institutional custody. The Winklevos...
Gemini Space Station’s IPO Soars as Winklevoss Brothers Predict Bitcoin’s Next Decade-Long Surge
Shares of Gemini Space Station, the cryptocurrency exchange operator, surged 14% on Friday after its $425 million initial public offering (IPO) priced above expectations. The stock opened at $37.01 on the Nasdaq—32% above its IPO price of $28—and briefly climbed to $45.89 before settling at $32, a 14.3% gain. The IPO, which valued the company at $3.3 billion pre-trading, marked a pivotal moment for the New York-based firm, founded in 2014 by Tyler and Cameron Winklevoss.
Gemini, best known for its role as a cryptocurrency exchange, holds over $21 billion in assets under management as of July. Despite reporting a $159 million net loss in 2024 and a $283 million loss in the first half of this year, the company has diversified its offerings. It now provides a U.S. dollar-backed stablecoin, credit cards with crypto-backed rewards, and institutional custody services.
The Winklevoss brothers, early pioneers in the crypto space, have long championed Bitcoin as a “store of value” akin to gold. During an interview on CNBC’s *Squawk Box*, they predicted Bitcoin could reach $1 million in a decade, calling it “gold 2.0.” Their vision isn’t just speculative—it’s rooted in their history. In 2013, they became the first to apply for a Bitcoin ETF, a move that predated the current wave of approvals by over a decade. The Securities and Exchange Commission’s initial rejection of their application, citing risks of fraud and market manipulation, inadvertently set the stage for the ongoing debate over crypto regulation.
Even as Bitcoin faced volatility and skepticism in its early days, the Winklevosses advocated for “smart regulation” to legitimize the crypto revolution. Their persistence has now paid off in more ways than one: Gemini’s IPO success underscores the growing institutional appetite for crypto, while their bullish stance on Bitcoin hints at a future where the digital asset could dominate global markets.
As the stock market reacts to Gemini’s IPO and the Winklevosses’ bold predictions, one question lingers: Could Bitcoin’s next decade mirror gold’s rise—and if so, what will that mean for investors?