Gemini Targets $22.2B Valuation in U.S. IPO

Gemini, a cryptocurrency exchange backed by the Winklevoss brothers, has announced plans to go public in the United States with a target valuation of 22.2 billion dollars. The company, founded by Cameron and Tyler Winklevoss in 2014, is capitalizing on the renewed interest in public listings among investors.

Gemini's IPO plans involve issuing 16.67 million shares at a price range of 17 to 19 dollars per share. At the upper end of this range, the company aims to raise up to 317 million dollars. This move comes at a time when the U.S. market is experiencing a robust recovery in public listings, driven by a stable market environment and strong investor interest in new stock offerings.

Recent successful IPOs, such as those of digital bank Chime Financial and aerospace technology company Firefly Aerospace, have further fueled this trend. Gemini's public listing will make it the third digital asset exchange to go public, following Bullish and Coinbase, the largest publicly traded cryptocurrency exchange in the U.S.

The entry of digital assets into the mainstream financial sector has been marked by significant milestones, including the approval of a spot Bitcoin exchange-traded fund (ETF) by U.S. regulators last year and Coinbase's inclusion in the S&P 500 index earlier this year. These developments underscore the growing acceptance and integration of cryptocurrencies into traditional financial markets.

The Winklevoss brothers gained prominence through a legal settlement with Facebook and its CEO Mark Zuckerberg in 2008. They invested a portion of the settlement funds in Bitcoin, becoming among the first global billionaires in the cryptocurrency space. This investment strategy earned them the nickname "Bitcoin Twins."

Gemini is expected to list on the Nasdaq Global Market under the ticker symbol "GEMI." The IPO will be underwritten by Goldman Sachs and Citigroup, who will serve as the lead underwriters for the transaction. This strategic move positions Gemini to leverage the growing interest in digital assets and capitalize on the favorable market conditions for public listings.