Gemini, the U.S.-based cryptocurrency exchange, is planning to launch its initial public offering (IPO) at a $2.2 billion valuation, marking an estimated price of $17-19 per share for its 16,666,667 Class A common stock.
As per the official release, Gemini will list its stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” The exchange will have Goldman Sachs & and Citigroup acting as lead bookrunners while Morgan Stanley and Cantor will act as lead bookrunners.
Other participants include Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt. Meanwhile Academy Securities, AmeriVet Securities, and Roberts & Ryan will be co-managers for the offering.
Besides the initial offering, existing stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 2,396,348 and 103,652 shares of Class A common stock, respectively, to cover over-allotments.
Gemini’s Much Anticipated IPO
Gemini is currently positioned 24th most popular crypto exchange, as per CoinMarketCap data, with an average liquidity score of 711 and 142 trading pairs. It has 78 cryptocurrency listed and support for seven leading fiat currencies like USD, AUD, CAD, EUR, GBP, SGD and HKD.
The exchange first filed for the IPO to the U.S. Securities and Exchange Commission (SEC) in June this year, following the success of Circle. However, the $2.2 billion IPO valuation for Gemini is significantly lower than Coinbase’s $85 billion launch in 2021, which ignited the trend for crypto IPOs.
A most recent crypto IPO was for Bullish exchange in August, which raised $1.15 billion at a valuation of $5.4 billion.
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