Gemini Space Station, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, surged in its Nasdaq debut Friday after raising $425 million in an initial public offering.

The company priced its IPO late Thursday at $28 a share, valuing Gemini at about $3.3 billion before trading began. That price was above the revised $24 to $26 range it set earlier in the week and well above the initial $17 to $19 range. The offering covered 15.2 million shares.

On Friday, the stock opened at $37.01, a 32% premium to the offer price. Shares climbed as high as $45.89 during intraday trading before settling at $32, still 14% above the IPO level by the close.

Gemini, headquartered in New York, operates a suite of crypto services including a spot exchange, custody solutions for institutions, a

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