Gemini’s Pursuit of a $2.22 Billion Valuation in Upcoming IPO
Gemini Aims to Enter the Public Crypto Exchange Market
Gemini, the renowned cryptocurrency exchange established by the Winklevoss twins, Cameron and Tyler, is set to make waves with its anticipated initial public offering (IPO). The company is targeting a valuation of approximately $2.22 billion, positioning itself in the spotlight of the crypto industry’s public markets. The exchange has announced plans to release 16.67 million shares, priced between $17 and $19 each, under the symbol “GEMI.” This strategic move could potentially generate around $317 million if the upper price range is achieved.
The timing is notable, as the US market experiences a resurgence of crypto-related public offerings. Companies such as Circle (CRCL) and Bullish (BLSH) have recently witnessed significant share price increases upon their market entry. Gemini’s public listing would mark a pivotal moment, making it the third digital asset exchange to go public in the US, following Bullish’s debut last August and Coinbase’s successful IPO in 2021.
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Market analysts, including Bo Pei from US Tiger Securities, highlight that the success of firms like Circle and Bullish, combined with favorable market conditions and rising cryptocurrency prices, creates an ideal environment for crypto enterprises to consider public offerings. The cryptocurrency sector’s integration into mainstream finance is further supported by recent regulatory approvals for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) and Coinbase’s inclusion in the S&P 500 index.
Blockchain Lenders Embrace the IPO Momentum
Joining the IPO trend is Figure Technologies, a blockchain lending company eyeing a substantial valuation of up to $4.13 billion. The firm plans to offer 26.3 million shares, priced between $18 and $20, aiming to raise up to $526.3 million. Figure Technologies’ move mirrors a broader trend of cryptocurrency firms leveraging the current market enthusiasm for new listings.
The supportive stance of the current US administration towards the cryptocurrency sector, coupled with the passage of significant crypto legislation, is expected to maintain an active IPO pipeline. Companies with strong compliance and structuring are particularly well-positioned to benefit from this environment. IPOX CEO Josef Schuster emphasizes that this regulatory support is likely to encourage more companies to go public, noting that investors in this space are generally patient, recognizing the long-term potential as regulatory challenges diminish and adoption continues to rise.
Goldman Sachs, along with several established financial institutions on Wall Street, is set to lead the underwriting efforts for the initial public offerings of both Gemini and Figure Technologies.
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