TLDR
- Gemini, founded by the Winklevoss twins, aims for a $2.22 billion valuation in its upcoming U.S. IPO.
- The company plans to raise up to $317 million by selling 16.67 million shares priced between $17 and $19.
- Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are the lead underwriters for the IPO.
- Gemini generated $142.2 million in revenue in 2024, showing steady growth in the digital asset market.
- The company’s compliance-first approach has helped attract institutional clients and distinguish it from competitors.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, plans to raise up to $317 million. Through its upcoming U.S. IPO, the company aims for a valuation of $2.22 billion. Gemini will sell 16.67 million shares at a price range of $17 to $19 per share.
Gemini Seeks $317 Million Through IPO
Gemini is set to list on the Nasdaq under the ticker GEMI. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the offering. The company plans to use the proceeds to expand its services and strengthen its market position.
The Winklevoss twins, known for their early investments in Bitcoin, have positioned Gemini as a regulated exchange. This strategy has helped the firm attract institutional clients. Gemini’s focus on compliance has been key to its appeal in the competitive crypto space.
Gemini’s IPO comes amid a rise in tech IPOs, with firms like Chime Financial and Firefly Aerospace seeing strong demand. The momentum in crypto markets has also boosted investor confidence. This environment provides an opportunity for Gemini to capture both retail and institutional demand for digital assets.
Winklevoss Twins Aim to Solidify Gemini’s Market Position
Gemini generated $142.2 million in revenue in 2024, up from $98.1 million the previous year. The company’s growth reflects a surge in trading activity as digital asset prices recovered. Although smaller than Coinbase, Gemini’s steady growth positions it as a key player in the U.S. crypto market.
The Winklevoss twins have consistently emphasized Gemini’s role as a bridge between Wall Street and crypto. A successful IPO would help solidify this position in the public markets. The listing would also provide the company with additional capital for future growth.
Gemini’s offering highlights its potential to grow within the crypto market, especially with its compliance-first approach. However, it faces challenges, including disputes with bankrupt lender Genesis and regulatory scrutiny. Whether Gemini can capture a significant share of the market remains to be seen.
Despite its potential, Gemini’s IPO faces several hurdles. The company’s valuation will be closely scrutinized as it seeks to compete with larger players like Coinbase. If successful, Gemini would become the third publicly traded U.S. crypto exchange, joining Coinbase and Bullish.
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Source: https://blockonomi.com/winklevoss-backed-gemini-plans-2-3-billion-valuation-in-nasdaq-listing/