Gemini made a strong entrance on Wall Street on Sept. 12, with its stock price surging over 50% within the intial hours of their first day of trading on the Nasdaq.

The stock, listed under the symbol GEMI, opened at $28 per share and quickly advanced in the opening hours.

Prices briefly touched $40 before settling near $33 by midafternoon, leaving Gemini with a market capitalization of roughly $1.3 billion, according to Yahoo Finance.

The closing price represented a gain of about 24% from its offering level.

Strong debut

Gemini raised approximately $425 million by selling 15.2 million shares. The final offer price exceeded both its original range of $17 to $19 per share and a later revision that set expectations between $24 and $26.

Following a few weeks of rumors, the exchange filed its registration statement with the Securities and Exchange Commission on Sept. 2 and reached the public market just 10 days later, reflecting investor demand for digital asset exposure.

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While not among the largest exchanges by trading activity, Gemini has built a reputation in the U.S. for emphasizing compliance and security. Trading on its platform accelerated in the days before the IPO.

Wave of crypto listings

The debut adds to a string of successful crypto-linked listings in 2025. Stablecoin operator Circle launched on the New York Stock Exchange earlier this year, with shares climbing from a $31 debut price to above $60, valuing the firm at more than $33 billion.

Blockchain financial firm Figure Technology Solutions also completed its IPO this week, notching a 24% first-day jump followed by additional gains.

Taken together, the listings highlight a resurgence of Wall Street interest in digital-asset equities, with investors seeking exposure to crypto companies after years of market volatility.

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Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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September 10, 2025

SOL Strategies commenced trading on Nasdaq Global Select Market under the ticker STKE with $94 million in Solana treasury holdings.

The Canadian firm becomes the first Solana-focused public company to achieve a U.S. listing and maintains dual listings on CSE under the symbol HODL.

The Nasdaq debut follows months of preparation, including a one-for-eight share consolidation, reducing outstanding shares from 176 million to 22 million to meet exchange requirements.

Virtual Bell Ceremony Bridges Traditional Finance with Blockchain

SOL Strategies hosted an innovative on-chain bell ringing ceremony at stke.community, allowing participants to memorialize their participation through permanent Solana blockchain transaction memos.

The celebration included live X Spaces discussions featuring industry partners and company leadership.

The company operates as a “foreign private issuer” under SEC rules, exempting it from certain U.S. regulatory requirements, including proxy solicitation rules and Section 16 filings.

This status allows continued operation under Canadian governance standards without requiring a majority of independent directors.

Current capital structure includes 22 million common shares outstanding, 12 million warrants, and 5.3 million stock options following the consolidation.

The firm rebranded from Cypherpunk Holdings in September 2024, shifting focus entirely to Solana blockchain infrastructure and investment.

Now, SOL Strategies manages 3.62 million SOL under delegation, including 402,623 SOL from its treasury, valued at C$111.7 million.

Record participation includes 8,812 unique wallets staking with the firm, and Cathie Wood’s ARK Invest moving 3.6 million SOL worth approximately C$888 million to SOL Strategies infrastructure in July.

Institutional Solana Treasury Arms Race Accelerates

SOL Strategies faces increasing competition as institutions race to build massive Solana treasuries.

Forward Industries announced a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital to establish a digital asset treasury strategy centered on Solana.

Kyle Samani from Multicoin Capital will become Forward Industries Chairman following transaction completion.

Galaxy Digital contributes institutional infrastructure, including trading, lending, and staking services, while Jump Crypto provides technical expertise through initiatives like the Firedancer validator client.

DeFi Development Corporation holds 1.27 million SOL valued at $248 million after raising $122.5 million in debt financing led by Cantor Fitzgerald. The firm added nearly 292,000 SOL in recent months.

Upexi remains the largest corporate holder with over 2 million SOL worth approximately $444 million, according to CoinGecko.

Just today, QMMM Holdings reported a 1,736% stock increase after announcing plans to build $100 million crypto treasury targeting Bitcoin, Ethereum, and Solana.

The Hong Kong-based digital media firm’s “crypto-autonomous ecosystem” combines artificial intelligence with blockchain technology.

The five largest institutional holders now control over 3.7 million SOL worth $726 million, with institutional ownership representing approximately 1.55% of the total circulating supply.

Technical Analysis Points to Imminent Breakout

SOL currently trades at $216.24 within a well-defined ascending channel that has guided its advance from $152 to current levels.

Multiple horizontal resistance levels are marked at $185.78, $204.58, $209.79, $218.60, with projected targets at $245.06.

The 4-hour chart shows SOL positioned just below $218.60 resistance, testing a key breakout level following recent progress through multiple resistance zones.

The ascending trendline provides critical support around $210-212, maintaining the bullish channel structure.

Stage Theory analysis indicates SOL remains in “Stage 2 Uptrend” following an extended “Stage 1 Basing” period.

The Phantom indicator shows bullish readings despite recent consolidation, suggesting underlying momentum remains positive for continued advances.

Weekly charts confirm SOL’s position well above the 200-day moving average at $158.43, validating long-term uptrend integrity.

Notably, some analysts have discovered a”slow grind higher” pattern that shows consistent respect for ascending trendline support, indicating institutional accumulation providing floors during weakness.

This steady advance with minimal volatility often precedes explosive moves as resistance levels are overcome.

Based on technical evidence across multiple timeframes, SOL appears positioned for continued bullish momentum toward the $245 target.

The immediate focus centers on breaking decisively above $218.60 resistance, which would likely trigger momentum-based buying toward measured move objectives with support maintained around the $210 – $212 ascending trendline.

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has lined up Nasdaq as a strategic investor as it prepares to go public in New York this week, Reuters reported on Sept. 9, citing people briefed on the matter.

According to the report, the share sale could raise up to $317 million, with Nasdaq expected to buy about $50 million of stock in a private placement at the time of the offering.

Gemini plans to trade under the ticker symbol “GEMI.”

The arrangement is more than financial and Nasdaq’s stake will be paired with a partnership giving its institutional clients access to Gemini’s custody and staking products. In return, Gemini customers will be able to use Nasdaq’s Calypso platform to track and manage collateral.

Neither Nasdaq nor Gemini commented on the details. Reuters noted that the exchange’s plans could still shift depending on market conditions.

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Riding a rebound in listings

The offering comes as U.S. equity markets show renewed demand for new deals, with tech and crypto-related companies drawing strong investor interest. A successful debut would make Gemini the third publicly traded exchange after Coinbase and Bullish.

Gemini currently holds about $21 billion in client assets and has processed more than $285 billion in trading volume. Its business spans retail and institutional services, an over-the-counter desk, a credit card and trading in major tokens including Bitcoin, Ethereum and stablecoins.

Financially, the company reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, widening from a $41.4 million loss a year earlier.

The Winklevoss twins, who first rose to prominence through their legal battle with Facebook, invested heavily in Bitcoin in the early 2010s and became known as the “Bitcoin twins.” Their bid to take Gemini public is testament to how deeply digital assets are now tied to Wall Street.

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Solana (SOL) treasury company SOL Strategies secured approval to list its common shares on the Nasdaq, according to a Sept. 5 announcement.

The company expects trading to commence on Sept. 9, under the ticker symbol “STKE” while maintaining its Canadian Securities Exchange listing under “HODL.”

Shares will no longer trade on the OTCQB Venture Market, and existing shareholders will be automatically converted to the Nasdaq listing without requiring any action.

CEO Leah Wald said:

“Joining Nasdaq aligns us with the world’s most innovative technology companies and positions us to attract institutional investors who recognize the transformative potential of Solana’s infrastructure.”

She added that the listing provides shareholders with enhanced liquidity, while giving the firm access to deeper capital markets.

SOL Strategies completed its transformation from a diversified crypto holding company to a Solana-first investment vehicle after unanimously approving the strategy shift at its shareholder meeting on July 30, 2024.

The rebranding coincided with the appointment of Wald as new CEO in early July, which accelerated the company’s accumulation of SOL tokens and ecosystem investments.

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The green light marks a significant milestone for the Toronto-based company following its strategic rebrand from Cypherpunk Holdings and pivot to Solana-focused investments.

Institutional interest in Solana treasuries grows

The approval arrives amid broader institutional interest in Solana exposure, with Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seeking approximately $1 billion to assemble the largest dedicated SOL treasury through a public company vehicle.

Cantor Fitzgerald serves as lead banker for the effort, which contemplates acquiring a listed entity to create an institutional-grade Solana treasury.

Other companies also operate SOL treasuries through public markets, including Upexi, which has holdings surpassing $100 million, and DeFi Development Corp, reporting 846,000 SOL with plans to compound via staking yields.

SOL Strategies expects the Nasdaq listing to accelerate validator growth through institutional partnerships, enhance operational scalability as demand for Solana staking increases, and strengthen its position as the leading institutional gateway to the Solana ecosystem.

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American Bitcoin (ABTC), a newly public bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, opened for trade Wednesday morning after completing its merger with Gryphon Digital Mining (GRYP).

Wasting little time, the company filed for an at-the-market equity raise of up to $2.1 billion with which to continue building its bitcoin (BTC) holdings (which footed to 2,443 coins at the time of the merger).

Shares have rocketed 60% to $11 versus the $6.90 price at the time of the merger Tuesday evening.

Its the latest chapter in American Bitcoin’s rapid formation, which began in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT). Hut 8 now holds an 80% ownership stake in the newly listed entity.

American Bitcoin’s business combines bitcoin mining with a corporate treasury approach centered on accumulating the asset. Since its inception earlier this year, the company has amassed 2,443 bitcoin, worth approximately $160 million at current prices. This hybrid model — mining bitcoin while holding it as a balance sheet asset — mirrors strategies used by other high-profile mining firms such as Marathon Digital.

In my Substack Blog post published a week ago, last Wednesday, I stated that there were several technical factors, as the title suggested, that there was potential “Early Signs of a Crack in the Back of the Nasdaq 100 Index’s Rally”. My only concern at that time was that I was sticking my neck out with that warning, considering that over the remainer of the week there was a few potential news events that could invoke volatility in the rates market that would likely overflow into the equity markets. That proved to be a reasonable concern, and my technical thesis was promptly “Jackson Holed” last Friday and investors were caught “wrong sided” and equities, including the NDX Index rallied sharply. In doing so it retook the ground back above the broken Kijun Plot (green line) There was a measure follow through over the rest of the week until today. That five-day rally from a week ago last Wednesday’s low could not even begin to challenge the Lower Warning Line (red dashed line) of the longer-term Standard Pitchfork (red P1 through P3).

I drew a shorter-term Schiff Pitchfork (green P1 though P3) after last Friday’s rally that encompasses what I think is a distributive top. Note the continued Relative underperformance vs. the SPX in the lower panel. Below that, MACD only briefly stabilized but has turned lower again (note histogram in green) and remains below its signal line. I now mark first support at the Lower Parallel of the new Schiff Pitchfork and second remains at Cloud Support. Note that the Cloud is no longer mirroring the vector of the longer-term Standard Pitchfork. My technical thesis of that we are witnessing a distributive top will be negated with a rally that is able retake the ground above the Lower Parallel (red LWL) and the August 13^th price pivot at green P2

Chart is courtesy of Optuma

At the risk of being labeled the boy that cried wolf, there are early signs of a crack in the back of the NASDAQ 100 Index’s rally. These include a violation of the Lower Warning Line (dashed red line, LWL) of the Standard Pitchfork (red P1 through P3) after failing to hold the retaken ground above the Lower Parallel (sold red line). I know I’ve been beating a dead horse for weeks, but there continues to be a repeated non-confirmation of the higher price highs in the Momentum / Breadth Oscillator (dashed yellow lines). Not only does it reflect deterioration in upside momentum, but it also speaks to decaying breadth. There are early signs of a break of the trend in relative outperformance versus the SPX as witnessed by a drop below its longer-term moving average (blue line) for the first time in months (a drop of the shorter-term moving average, red line through the longer, would confirm the breakdown). There has been a sharp turn lower in the Stochastic Momentum Index (bottom panel) that at the very least suggests a potential deeper price retracement than we have seen in months. There is no question that I am sticking my neck out with this warning considering that over the next three days there could be news driven volatility in the rates market that will likely overflow into the equity markets. Key support is at the Kijun Plot (green line at 23,320) and second at Cloud support.