Crypto Exchange Seeks Nasdaq Listing with Backing from Top Banks
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially filed for an initial public offering (IPO), aiming to list 16.7 million shares of Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
IPO Details and Valuation
According to the filing with the U.S. Securities and Exchange Commission (SEC) on September 2, Gemini plans to price its shares between $17 and $19, potentially raising up to $317 million. This valuation would place the company at approximately $2.22 billion, positioning Gemini among the most significant public listings in the crypto exchange sector.
Industry analysts note that this IPO comes after months of speculation, marking a major move in the ongoing trend of digital asset firms entering public markets.
Underwriters and Financial Partners
The offering is supported by major financial institutions, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor acting as lead bookrunners. Additional underwriters include Evercore ISI, Mizuho, Truist Securities, and Needham & Company, reflecting strong institutional backing for Gemini’s public debut.
According to the filing, underwriters have a 30-day option to purchase up to 2.4 million additional shares, providing flexibility for increased demand.
Emerging Growth Company Status
Gemini emphasized in its filing that it qualifies as an “emerging growth company” under U.S. federal securities law, allowing it to rely on reduced reporting requirements. This includes two years of audited financial statements and simplified executive compensation disclosures. The exchange stated:
“We intend to leverage exemptions available to emerging growth companies, reducing compliance costs while maintaining transparency for investors.”
This move follows a wave of crypto firms exploring IPOs amid regulatory clarity and growing institutional interest. Gemini’s decision mirrors the market shift toward public capital access, potentially signaling confidence in long-term cryptocurrency adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.