Market News

Crypto Surge: Gemini Stock Soars on Nasdaq Debut

Gemini, the prominent US-based crypto exchange, has made headlines with its impressive stock performance on its first day of trading on Nasdaq.

The company saw its stock, under the ticker GEMI, open at a higher-than-expected initial public offering (IPO) price of $28 per share.

Trading quickly advanced to $32, representing a remarkable 14.3% increase, bringing the company's market capitalization to approximately $1.39 billion.

This IPO is considered a significant milestone for Gemini and is expected to conclude by September 15th.

Initially, reports indicated that Gemini was aiming to price shares between $17 and $19 as they planned to offer 16.7 million Class A shares.

In addition to its IPO, Gemini has recently partnered with Ripple to introduce a co-branded credit card, enabling users to earn rewards in XRP and other cryptocurrencies.

This innovative credit card allows users to earn up to 4% back on purchases, credited instantly into their Gemini wallets.

Gemini's strong Nasdaq debut reflects the growing mainstream acceptance of cryptocurrency exchanges.

The collaboration with Ripple is indicative of the firm’s strategy to diversify its offerings and enhance user engagement in the competitive crypto market.

As the industry continues to evolve, Gemini's entry into public markets could signal a new phase of investment opportunities in the crypto landscape.