- Gemini aims to raise $317M in its Nasdaq IPO, seeking a $2.22B valuation under GEMI.
- Backed by Goldman Sachs, Citi, Morgan Stanley, and Cantor, Gemini enters Wall Street.
- The IPO would test investor appetite for crypto exchanges under strict regulatory pressure.
Gemini is preparing for its Nasdaq debut under the ticker ‘GEMI’. Founded by Cameron and Tyler Winklevoss, the firm plans to offer 16.67 million shares priced between $17 and $19. At the upper limit, the sale could generate $317 million and value the company at $2.22 billion, pending SEC approval.
Goldman Sachs and Citigroup are leading the offering, joined by Morgan Stanley and Cantor. Their participation signals major Wall Street confidence in the listing. Underwriters may acquire up to 2.5 million additional shares to meet demand, expanding the IPO’s overall scale.
Gemini Bets on Market Momentum for Landmark Nasdaq Debut
The IPO is entering a receptive market environment. U.S. public offerings have surged in recent months. Investor appetite has been fueled by strong first-day gains from several high-profile listings. Digital bank Chime Financial and Firefly Aerospace both drew heavy buying interest. Gemini hopes to ride this wave of momentum.
If successful, the deal would make Gemini the third publicly traded crypto exchange. Coinbase was the first to go public, followed by Bullish earlier this year. Both companies tested investor appetite for digital asset platforms. Gemini is betting that improving crypto prices and more supportive market conditions would make now the right time to follow.
Analysts see the offering as a test of Wall Street’s readiness to embrace crypto-linked equities. Bo Pei of US Tiger Securities said recent IPOs by Circle and Bullish, combined with higher digital asset valuations, have created a favorable window. The strength of Gemini’s debut may also influence whether other crypto-native firms step forward with listings.
Gemini IPO Marks Crypto’s Move Into Mainstream Finance
Digital assets are steadily moving into mainstream finance, gaining recognition from traditional markets. Its IPO aims to strengthen this trend by bringing another crypto exchange to U.S. equities. Gemini resolved a $2.18 billion lawsuit tied to its Earn program, settling with Genesis and the New York Attorney General. The agreement ensures that Earn users will recover all frozen digital assets, though withdrawals are subject to an 18-month lock-up period.
Related: Crypto Exchanges Push IPOs Amid Losses in Pro-US Climate
The resilience and the risk are recorded in the settlement. It highlights both the legal challenges that Gemini has encountered, as well as demonstrating its willingness to recover its users. This could fuel its reputation as a compliant and trustworthy platform, according to market observers. Such emphasis on trust might be important to investors who are still apprehensive of the field.
The history of the Winklevoss brothers is another twist to the story. They committed large sums of money to Bitcoin following their 2008 settlement with Facebook. After placing their bets early, they were dubbed the bitcoin twins and ranked as one of the first crypto billionaires.
The trajectory to the public market of Gemini is an experiment in balancing innovation and compliance. The engagement is not just a fundraiser, but also a vote on investor confidence in crypto exchanges as long-term investments.
For now, the stakes are high. Gemini strives to make innovations in a marketplace that is saturated with unpredictability and criticism. Its IPO on Nasdaq is not just a financial accomplishment. It may establish a precedent of bridging the digital asset companies to traditional equity investors.
