Shares of Gemini (GEMI) opened at $41 a share on the Nasdaq Global Select Market on Friday, rising 45% from last night’s IPO price.

The crypto exchange, which is run by Tyler and Cameron Winklevoss, priced its IPO at $28 a share, valuing the company at around $3.3 billion. It had sold 15.2 million shares, raising $425 million.

Gemini posted a net loss of $283 million in the first half of the year. That follows a $159 million loss for all of 2024, according to the company’s latest financials.

Despite the deepening red ink, Gemini priced its IPO nicely above the initially hoped-for level and secured a $50 million strategic investment from Nasdaq earlier this week. The stock exchange operator said the deal is intended to expand access to Gemini’s crypto custody services for institutional clients. It also positions Gemini as a distribution partner for Nasdaq’s trade management software, Calypso.

Gemini’s IPO follows that of other crypto-native platforms, including stablecoin issuer Circle (CRCL), Bullish (BLSH), eToro (ETOR) and Figure Technologies (FIGR), that also went public this year in what appears to be a booming capital market for crypto firms amidst a wave friendly U.S. regulatory action. Bullish Global is CoinDesk’s parent company.