Cryptocurrency platform Gemini seeks a $2.22 billion appraisal during its upcoming initial public offering (IPO)
In a significant move for the cryptocurrency industry, Gemini, the regulated U.S. crypto exchange founded by the Winklevoss twins in 2014, has announced plans for an Initial Public Offering (IPO). The IPO, set to take place under the corporate name Gemini Space Station, Inc., could raise up to $317 million if priced at the top of the expected range.
The IPO valuation for Gemini is set at up to $2.22 billion. This comes at a time when Bitcoin and other digital assets have seen rallies, potentially contributing to Gemini's growth. The shares will trade on the Nasdaq Global Select Market under the ticker symbol "GEMI".
Goldman Sachs and Citigroup are acting as lead bookrunners for the deal, with Morgan Stanley and Cantor Fitzgerald also joining as lead underwriters. Additional bookrunners for the Gemini IPO include Evercore ISI, Mizuho, Truist Securities, and several others.
The IPO reflects growing optimism among digital asset platforms that investor appetite for public market debuts is returning after a slowdown. The offering, however, is subject to market conditions.
Gemini's journey has not been without challenges. The company faced a dispute with bankrupt crypto lender Genesis, which drew attention from regulators and created hurdles for the company. Despite these challenges, Gemini has shown resilience, with 2024 revenue reaching $142.2 million, a 45% increase from the previous year.
If Gemini continues to benefit from expanding crypto adoption in the United States, it could potentially benefit as a mid-sized exchange. The IPO would mark a key milestone for one of the earliest regulated U.S. crypto exchanges, further solidifying its position in the industry.
The IPO completion follows Circle Internet Group's $1.2 billion IPO in June, selling 19.9 million shares at $31 each. The IPO trend among digital asset platforms suggests a positive outlook for the crypto market, signalling potential growth and investment opportunities.
As Gemini prepares for its public debut, it remains committed to its mission of providing a regulated and compliant alternative to offshore exchanges, paving the way for a more secure and transparent digital asset trading environment.
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