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- Gemini targets $3B valuation with a major Nasdaq partnership boost.
- IPO set to raise $433.3 million, marking a significant milestone.
- Nasdaq collaboration strengthens Gemini’s institutional crypto services and growth.
Gemini, the popular cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has dramatically raised its IPO target, aiming for a valuation of over $3 billion. The company has set its share price range between $24 and $26, a significant increase from the previously expected range of $17 to $19 per share.
With the new target, Gemini would be able to raise up to $433.3 million, with 16.67 million shares at the higher end of the price range.
The underpricing of the offering can also be raised to 17.12 million shares in the event that underwriters avail themselves of the privilege of increasing the shares. After the IPO, Gemini will be left with 118.8 million outstanding shares, making the company’s total market value $3.09B. The exchange will be listed on Nasdaq with the ticker symbol GEMI, which will occur this Friday.
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Nasdaq Partnership Strengthens Gemini’s Institutional Market Position
Gemini has also obtained a $50 million private placement with Nasdaq, another move that strengthens the collaboration between the two firms. Nasdaq will buy at the opening price, which will strengthen its belief in Gemini’s future development. Such a partnership will enable Nasdaq clients to receive the services of crypto custodians and staking offered by Gemini and make it a powerful participant in the institutional market.
Besides this, Gemini will relocate Nasdaq’s Calypso collateral management solution to its institutional customers as part of its growing service portfolio. This collaboration also emphasizes Gemini’s reinforcing its institutional presence, which contributes to the widening use of crypto services not only by retail investors.
Due to its third position as a crypto exchange after Coinbase and Bullish had their IPOs, the opening of the Gemini IPO is a major milestone in the history of the crypto world. Nasdaq’s extensive support and updated IPO targets indicate increased confidence in the future of cryptocurrency. Through this action, Gemini will have a permanent impression on the retail and institutional crypto markets.
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