Crypto Exchange Gemini said on Tuesday that it is looking for a valuation of up to $ 2.22 billion in the planned US original public offering, seting the stage for one of the highest profiled debut in the sector this year.
The New York-based company founded by Cameron and Tyler Winklevoss plans to sell 16.67 million shares to a price range from $ 17 to $ 19, according to a press release. At the top of the area, Gemini would travel as much as $ 317 million. The company recently hired Goldman Sachs, Citigroup, Morgan Stanley and Cantor as Lead Bookrunners.
Gemini first submitted an S-1 registration statement to the US Securities and Exchange Commission in June, where he entered an IPO market that has been heated to crypto-formed companies after years of regulatory road barriers. The offer would put Gemini together with Crypto players that include StableCoin Essuer Circle (CRCL)trading platform etoro (Etor) and bullish (BLSH)As everyone has been tapping US public markets recently.
Economic information in June showed that Gemini generated $ 142.2 million in revenue by 2024, up from $ 98.1 million the year before. While still a fraction of Coinbas’s top line of several billion dollars, growth suggests that Gemini has benefited from rising trading activity as Bitcoin and other digital assets are gathered.
IPO marked a milestone for the Winklevoss twins that launched Gemini in 2014 and has beaten it as a regulated and compatible alternative to offshore exchanges. This has at times resonated with US institutions that are on duty against regulatory risk, but Gemini has also been exposed to obstacles, including a dispute with bankruptcy crypto -lender genesis that brought control of regulators.
For investors, Gemini’s appeal is partly on his role as a medium -sized exchange that can benefit if crypto -uptake continues to expand in the United States that the company would act under the ticker “Gemi.”
