"Assets Surge by $3 Billion in a Day"...Brothers Who Became First Bitcoin Investor Founders

Gemini Founders, the Winklevoss Brothers
Share Price Surges 14% on First Day of Nasdaq Listing
Closes at $32, Up $4 from IPO Price

The share price of Gemini Space Station, a U.S.-based cryptocurrency exchange operator (hereafter "Gemini"), rose 14% on its first day of trading on the Nasdaq.

On the 12th (local time) in New York, Gemini began trading at $37.01, which is 14.3% higher than its initial public offering (IPO) price of $28. At one point, the share price soared over 60% to reach $45.89, before closing at $32.

Gemini co-founders Tyler Winklevoss and Cameron Winklevoss attended the company's initial public offering (IPO) event held at the Nasdaq MarketSite in New York City on the 12th (local time). Photo by Reuters Yonhap News

Gemini finalized its IPO price the previous day. The offering price not only far exceeded the initially suggested range of $17 to $19, but also surpassed the expected range of $24 to $26. Through the IPO, Gemini raised $425 million.

Winklevoss Brothers, the First Bitcoin Billionaire Investors

Gemini was founded in 2014 by brothers Cameron Winklevoss and Tyler Winklevoss, and as of the end of July, the company holds assets worth over $21 billion. The Winklevoss brothers are known as some of the earliest Bitcoin investors and among the first Bitcoin billionaires. They have long argued that Bitcoin is a superior store of value compared to gold. In an interview with U.S. business media outlet CNBC on this day, they stated, "We believe the price of Bitcoin will reach $1 million within 10 years."

Based on the IPO price of $28 per share, the Winklevoss brothers hold shares worth $2.1 billion. With the closing price of $32 on the first day of trading, the value of their holdings increased by about $300 million in a single day, now totaling $2.4 billion (approximately 3.3456 trillion won).

Gemini logo. Reuters Yonhap News

According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Gemini posted a net loss of $159 million last year and a loss of $283 million in the first half of this year. The value of assets deposited with Gemini exceeded $21 billion as of the end of July.

Gemini's listing was made possible through pro-cryptocurrency policies following the return of President Donald Trump, who has dubbed himself the "Bitcoin President," to the White House. Gemini has become the third virtual asset exchange to be listed on the New York Stock Exchange, following Coinbase and Bullish.