Expansion of Gemini's footprints in Europe includes the introduction of staking for Ethereum and Solana cryptocurrencies.
In a significant move for the cryptocurrency industry, Gemini, the digital asset exchange founded by the Winklevoss twins, has filed for a U.S. initial public offering (IPO). The company aims to raise up to $317 million through the sale of shares, positioning it at a potential valuation of $2.22 billion.
Gemini's IPO will be led by Goldman Sachs and Citigroup, two of the world's leading investment banks, acting as lead bookrunners. This move signifies a growing acceptance of cryptocurrencies by traditional financial institutions.
The exchange has also secured approvals under various regulatory frameworks. In May, Gemini received authorisation under the Markets in Financial Instruments Directive (MiFID II) in the European Union. In August, it received approval under Malta's Markets in Crypto-Assets Regulation. These approvals allow Gemini to provide a full range of products in the EU, including spot trading, staking, and derivatives.
Meanwhile, Gemini's Bitcoin treasury firm, Treasury, is set to go public on Euronext Amsterdam through a reverse merger with MKB Nedsense, pending shareholder approval. This announcement was made by Treasury BV, led by CEO Khing Oei, through a binding agreement with the Dutch investment firm MKB Nedsense NV.
In other developments, Monex Group, a Japanese financial services firm, has acquired a majority stake in crypto-asset firm 3iQ for integration purposes. Monex Group is also considering launching yen-pegged stablecoins.
The exact price of shares in the IPO will be determined closer to the offering date, with shares priced between $17 and $19 each being indicated. The IPO represents a significant step for Gemini, marking its transition from a private to a public company and opening up new opportunities for growth and innovation in the cryptocurrency space.
