Gemini Space Station, a crypto exchange and digital asset services provider, will complete an initial public offering (IPO) on the Nasdaq today in an offering that has generated significant interest from investors.
Initially, Gemini priced the IPO at a range of $17 to $19 a share. On Wednesday, the range was increased significantly to $24 to $26 a share, following the news of a partnership and commitment from Nasdaq of $50 million at the IPO price.
Late last night, Gemini announced another increase in the IPO price, which is now expected to go public at $28.00 per share. The shares will trade on the Nasdaq under the ticker GEMI.
Goldman Sachs and Citigroup are lead bookrunners. Morgan Stanley and Cantor are also acting as lead bookrunners. Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt are acting as bookrunners. Academy Securities, AmeriVet Securities, and Roberts & Ryan are acting as co-managers.
Gemini initially sought to sell 16.66 million shares. The offering is now capped at 15.2 million shares. Gemini will have an approximate $3.3 billion valuation at the IPO price.
Co-founded by Cameron and Tyler Winklevoss, Gemini’s main business includes crypto trading and other affiliated services; it is emblematic of the change from analog to digital financial services. You can anticipate that Gemini will, at some point in the not-so-distant future, provide more TradFi services as well as bank offerings as consumers embrace digital assets and prefer the convenience of a single platform to manage their financial existence.
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