Gemini Raises IPO Valuation Ahead of Debut
Crypto exchange Gemini has increased its initial public offering (IPO) ahead of its anticipated debut on Friday, now targeting a valuation that surpasses $3 billion, indicating a rising interest from investors in crypto-related firms.
The revised prospectus, submitted to the Securities and Exchange Commission on Tuesday, revealed that the company, founded by Cameron and Tyler Winklevoss, plans to sell its shares in a range between $24 and $26, an increase from the earlier offer of $17 to $19.
Gemini will offer approximately 16.67 million shares, consistent with prior announcements, aiming to raise $433 million, which is an increase from its previous goal of $317 million outlined in its initial filing on September 2.
The expanded IPO from Gemini arrives alongside a surge of crypto-related companies going public this year, a trend that Wall Street has eagerly supported as the market has benefited from the Trump administration’s more favorable stance toward the sector.
The company has confirmed that its debut is supported by Nasdaq, which will acquire 2.11 million shares as part of a $50 million private placement.
According to its filing, Gemini disclosed that its total revenue reached $68.61 million for the six months ending June 30, reflecting a decline of $5.71 million compared to the same period last year. Additionally, its net loss rose to $282.47 million from $41.37 million during the same timeframe.
Gemini noted an increase in trading volume, which surged to $24.8 billion for the six months ending June 30, showcasing a growth of nearly 50% from the previous year.
Investors appear to be demonstrating significant interest in crypto-related companies this year.
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- Stablecoin issuer Circle made its debut on the New York Stock Exchange (NYSE) with a remarkable gain of 167%. Although the stock briefly peaked at $298, it closed Tuesday’s trading session at $118.10, according to Google Finance.
- Similarly, shares of cryptocurrency exchange operator and media company Bullish experienced substantial gains of 218% on its listing day.
- Earlier in May, Coinbase became the first crypto company to join the Standard and Poor’s 500 index, which tracks the top 500 American companies.
- In the meantime, crypto exchange Kraken is reportedly seeking to raise $500 million at a valuation of $15 billion.
