Gemini's IPO Pursuit Sparks New Era for Crypto on Wall Street

Gemini, the digital asset exchange co-founded by the Winklevoss twins, is preparing for an initial public offering (IPO), marking its entry into the public market as the third major crypto exchange to do so following Coinbase and Bullish. The company, operating under the parent entity Gemini Space Station, Inc., has initiated the IPO process by filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). The offering includes approximately 16.6 million shares of Class A common stock, with an option for underwriters to purchase an additional 2.5 million shares to cover over-allotments. The estimated IPO price range is between $17 and $19 per share, subject to market conditions and economic factors [1].

Gemini’s IPO includes prominent bookrunners such as Goldman Sachs, Citigroup, and Morgan Stanley, who will play a key role in underwriting and distributing the shares. The exchange plans to list its shares on the NASDAQ under the ticker symbol “GEMI.” However, the company has noted that the offering’s completion remains uncertain and depends on market conditions and regulatory approvals [1]. This move aligns with a broader trend in the crypto industry, where major exchanges are increasingly seeking traditional capital market listings to attract institutional and retail investors.

The cryptocurrency market has previously seen mixed outcomes for public listings. Coinbase, the first major crypto exchange to go public, adopted a direct listing on the NASDAQ in 2021, with its share price rising by 31% on the first day of trading. In contrast, the exchange’s stock has since experienced a decline, currently trading at around $303, significantly lower than its initial $250 reference price. Meanwhile, Bullish, another crypto exchange that listed on the New York Stock Exchange earlier this year, had a more volatile debut. Its IPO raised $1.1 billion, valuing the company at $5.4 billion, with shares opening at $90—nearly double the $37 IPO price—and peaking at $118 before closing the first day at $68 [1].

Gemini’s decision to pursue an IPO comes amid growing interest in digital assets and their increasing integration into mainstream financial systems. The company has positioned itself as a regulated and institutional-grade platform, emphasizing compliance and security. Unlike Bullish’s IPO, which was fully settled in stablecoins, Gemini has not indicated a similar approach for its offering. However, the broader industry is evolving rapidly, and such innovations may soon become standard practice.

The IPO process for Gemini represents a critical step in the exchange’s strategy to expand its capital base and enhance its visibility among investors. While the market’s reaction to its listing remains uncertain, the company’s entry into the public market could influence the perception and adoption of crypto assets among traditional investors. The performance of Gemini’s shares will likely be closely watched, especially in light of the varied outcomes seen in the IPOs of its peers [1].

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[1] Gemini Heads for Wall Street: IPO to Make It Third Public ... (https://cryptopotato.com/gemini-heads-for-wall-street-ipo-to-make-it-third-public-crypto-exchange/)