The Winklevoss twins’ Gemini cryptocurrency exchange is gearing up for a big public debut. They’re aiming for a valuation as high as $2.22 billion!
Gemini’s IPO Plans
Gemini plans to offer 16.67 million shares, priced between $17 and $19 each. At the top end of that range, they could raise around $317 million. Their stock will trade under the ticker symbol “GEMI”. This comes at a time when more and more crypto companies are going public in the US.
Riding the Crypto Wave
This IPO is a big deal. It would make Gemini only the third publicly traded digital asset exchange, following Coinbase (in 2021) and Bullish (last August). Analysts believe the success of other crypto IPOs like Circle and Bullish, plus generally positive market conditions and rising crypto prices, are creating a perfect storm for Gemini. The growing acceptance of crypto into mainstream finance, helped by things like the SEC approving Bitcoin and Ethereum ETFs, is also a huge factor.
More Crypto Companies Going Public
Gemini isn’t alone. Figure Technologies, a blockchain lending company, is also planning a massive IPO, aiming for a valuation up to $4.13 billion. They’re looking to raise up to $526.3 million by selling 26.3 million shares. This shows a broader trend of crypto firms taking advantage of the current positive market sentiment.
A Supportive Regulatory Environment
The current US government’s more positive attitude towards crypto, including the passing of some key crypto bills, is expected to keep the IPO pipeline flowing. Experts like IPOX CEO Josef Schuster believe this supportive regulatory environment will encourage more crypto companies to go public. He points out that investors are generally patient, seeing the long-term potential as regulatory hurdles clear and adoption grows.
Wall Street’s Involvement
Big names like Goldman Sachs and other Wall Street firms are acting as underwriters for both Gemini and Figure Technologies’ IPOs. This shows the growing mainstream acceptance of the crypto industry.