Crypto IPOs Sizzle, Missing Gensler Texts Grizzle

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

Crypto exchange Gemini hit a $4.4 billion valuation on its Nasdaq debut Friday. At the time of writing, the company’s shares—which trade under the GEMI ticker symbol—are hovering around $34. That’s a 22.6% gain from when the stock began trading.

Gemini was founded in 2014 and granted a BitLicense by the New York State Department of Financial Services the following year. The company raised $425 million through its IPO, according to Decrypt calculations based on regulatory filings. Reuters was first to report yesterday that the firm’s IPO was significantly oversubscribed.

But there’s been drama brewing between the company’s founders, Tyler and Cameron Winklevoss, and Commodities and Futures Trading Commission Chair nominee Brian Quintenz.

Gemini Jumps on Nasdaq Debut, Hitting $4.4 Billion Valuation

The CFTC nominee shared screenshots of a July text thread with Tyler on X. The messages show that Quintenz was contacted about a complaint Gemini filed regarding alleged misconduct at the regulator.

Gemini paid $5 million to settle its CFTC lawsuit in January, just a few weeks before the trial was set to begin. But in June, the company’s lawyers filed a complaint alleging the CFTC was wrong to have gone after the exchange in the first place.

“I believe these texts make it clear what they were after from me, and what I refused to promise,” he wrote. “It’s my understanding that after this exchange they contacted the President and asked that my confirmation be paused for reasons other than what is reflected in these texts.”

There were a few people in the thread calling foul on his timing, especially given that his current firm, Andreessen Horowitz, has a large stake in Gemini’s direct competitor, Coinbase.

Gemini is the most recent, but not the only crypto company to make its big public debut this week.

Crypto lender Figure began trading on the Nasdaq under the FIGR ticker Thursday, seeing shares jump 24%. The firm stepped into public trading with an even bigger, $5.3 billion valuation.

Its share price ahead of the closing bell on Friday sits around $33.46, about 33% above its $25 IPO price.

“Our IPO showed what’s possible when blockchain meets capital markets: speed, transparency, efficiency,” the company said Friday on X. “IPO day was a celebration of our people, partners, and the vision driving us forward, and we’re even more excited for what’s next.”

Figure Shares Jump 24% From IPO Price in Crypto Lender’s Nasdaq Debut