Gemini, the well-known cryptocurrency exchange, is officially going public! They’ve filed paperwork with the SEC to list their stock on the Nasdaq exchange under the ticker symbol GEMI.
IPO Details
This makes Gemini only the third crypto company to list on a US exchange, following Coinbase and Bullish. While the exact IPO price isn’t revealed yet, the filing details the stock structure and plans for using the money raised. They’ll offer Class A shares (one vote per share) and Class B shares (ten votes per share). The Winklevoss twins, Gemini’s founders, will hold all the Class B shares, keeping majority control. New investors will get Class A shares.
What Will Gemini Do With the Money?
Gemini plans to use the money for typical business stuff like daily operations and new tech investments. A big chunk will also go towards paying off some existing debts, including loans from Galaxy and NYDIG.
The Team Behind the IPO
Big names like Goldman Sachs and Citigroup are leading the IPO, along with other investment firms. They’ll handle pricing and making sure there’s enough stock to meet demand.
Crypto’s Growing Popularity
Gemini isn’t the only crypto company looking to go public. Others, like BitGo and Grayscale, are also aiming for an IPO. This shows that the US is becoming more accepting of cryptocurrency. The overall crypto market is huge, currently valued at over $3.93 trillion.