Gemini plans to raise up to $317 million in its US IPO by offering 16.67 million shares at $17–$19 each.
Crypto exchange Gemini, founded by Winklevoss twins, has revealed more details regarding its US Initial Public Offering (IPO) plan, seeking a valuation of a massive $2.2 billion. Crypto firms like Bullish (NYSE: BLSH) have had a blockbuster moment by making a Wall Street debut this year. Now, crypto exchange Gemini seems to ride this optimism further.
Gemini to Offer 16.6 Million Shares for US IPO
According to a Form S-1 registration statement filed with the US Securities and Exchange Commission (SEC), crypto exchange Gemini will offer 16,666,667 shares of Class A common stock for its US IPO. Gemini has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol GEMI.
As part of the US IPO plan, Gemini would be selling 16.67 million shares at $17 to $19 each. Thus, it aims to raise up to $317 million if priced at the top of the range.
If successful, Gemini would become the third publicly traded digital asset exchange in the US, following Bullish (BLSH), which had a strong debut earlier this year, and Coinbase (COIN), the largest listed US crypto exchange. Speaking to Reuters, Bo Pei, analyst at US Tiger Securities, said:
“After Circle and Bullish’s successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public.”
Top Banks to Act as Bookrunners for the Exchange
As per the official press release, top banking institutions like Goldman Sachs & Co. LLC and Citigroup will serve as lead bookrunners, joined by Morgan Stanley and Cantor as co-lead bookrunners.
So far, the crypto exchange hasn’t had a very good relationship with traditional banks like JPMorgan. Tyler Winklevoss, co-founder of crypto exchange Gemini, recently criticized JPMorgan, accusing the banking giant of blocking the exchange from its onboarding process following his public remarks against the bank’s new data policy.
According to its filing, Gemini reported a net loss of $282.5 million on $68.6 million in total revenue for the six months ending June 30. The firm provides a cryptocurrency exchange, a USD-backed stablecoin, crypto staking and custody services, as well as a credit card offering rewards in crypto.
next