New crypto stocks: Gemini and Figure surprise at IPO

The crypto platform Gemini went public today, raising a remarkable $425 million. A total of 15.18 million Class A shares were sold for $28 each.
The company, led by the Winklevoss twins, listed on the Nasdaq Global Select Market today under the ticker symbol GEMI. It had announced an expected market price of $24 to $26, up from a previous estimate of $17 to $19.
Gemini and the crypto exchange's bankers had already stopped accepting new orders yesterday, Thursday, limiting the proceeds to $425 million. The Winklevoss twins are expected to control approximately 94.5 percent of the voting rights after the IPO.
With this IPO, Gemini becomes the third publicly traded crypto exchange in the US, following Coinbase and Bullish. Gemini also joins a growing list of crypto companies that have gone public.
Just yesterday, Figure Technology Solutions, a blockchain-based marketplace for financial products, went public and celebrated a brilliant start with a daily gain of more than 24 percent. The stock has so far managed to hold at this level.
Figure had adjusted its listing price several times after increased demand due to the IPO. Investor bids raised the share price from $18 to $25. The listing ultimately raised $787.5 million.
Asset manager Bitwise apparently correctly predicted in the past that 2025 would be the year of crypto IPOs. Other candidates on the list include Kraken, Anchorage Digital, and Chainalysis.

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