Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss in 2014, is seeking to go public in the U.S. with a target valuation of up to $2.22 billion. The company plans to offer 16.67 million Class A shares, priced between $17 and $19 each, potentially raising as much as $317 million if the pricing hits the top of its range.
The shares are expected to trade on the Nasdaq Global Select Market under the ticker GEMI, with an option for underwriters to purchase an additional 2.5 million shares within 30 days, helping accommodate over-allotments.
A strong lineup of financial backers is already in place: Goldman Sachs and Citigroup will lead the offering, joined by Morgan Stanley, Cantor Fitzgerald, Everwore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, Rosenblatt, and co-managers such as Academy Securities, AmeriVet Securities, and Roberts & Ryan.
This IPO comes amid a resurgence in public offerings, particularly within the digital asset sector. Gemini would join Coinbase and Bullish as the third crypto exchange to list publicly in the U.S. Markets are buoyed by improving sentiment, higher crypto prices, and prior successful crypto IPOs—specifically, Circle and Bullish—that have attracted strong investor enthusiasm.
Source: Cryptonews Edited by Sonarx.