Gemini Space Station is said to price IPO at $28 per share

Gemini Space Station is said to price IPO at $28 per share

Gemini Space Station, the cryptocurrency exchange founded by the Winklevoss twins, has announced an updated pricing range for its planned initial public offering (IPO). The company has increased its valuation target, with shares expected to be priced between $28 and $30 per share .

The new valuation range would value Gemini Space Station at approximately $3.4 billion, a significant increase from its previous valuation of about $2.2 billion . This move comes as a result of strong investor interest and favorable market conditions. The company is seeking to capitalize on the current momentum in the cryptocurrency sector.

The IPO is expected to raise over $450 million at the high end of the new valuation range . Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are the lead underwriters on the IPO . The stock will list on the Nasdaq Global Select Market under the ticker symbol GEMI .

This announcement follows the recent public listings of rival crypto exchanges and stablecoin issuers, indicating a growing trend of crypto native companies seeking to go public under the current regulatory regime . The increased valuation of Gemini Space Station reflects the growing confidence in the company's future prospects and its strategic position in the cryptocurrency market.

Investors should closely monitor the IPO process and the company's progress to understand the potential impact on the cryptocurrency industry and the broader financial markets.