Winklevosses' Gemini crypto exchange IPO fell ~80% and drew a class action

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, listed on the Nasdaq Global Select Market on September 12, 2025 under the ticker GEMI. Priced at $28, the offering raised $425 million at a roughly $3.3 billion valuation and was more than 20 times oversubscribed; the stock opened at $37.01 and closed its first day at $32.

The decline since has been brutal. From a market capitalization above $3 billion at launch, Gemini has fallen to roughly $700 million, with the stock trading around $6 in March 2026 and down more than 80% from its first-day close. CoinPaper later measured the shares near $4.19, about 89% below the opening price.

The losses behind the fall are checkable. Gemini reported a net loss of roughly $582.8 million for fiscal 2025, versus $158.5 million in 2024, including a fourth-quarter net loss of $140.8 million. In February 2026 it unveiled Gemini 2.0, pivoting to prediction markets, cutting roughly a quarter to 30% of its staff, and pulling out of the UK, the EU and Australia.

The bill now carries a legal line. On March 18, 2026 a class action was filed in the U.S. District Court for the Southern District of New York (case 26-cv-02261) against Gemini Space Station, Inc., the Winklevoss twins and executives, alleging false IPO statements under Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.