Crypto exchange Gemini successfully through its recent initial public offering (IPO).
The company’s shares were priced at $28 each, which was higher than the originally marketed range of $24 to $26. Roughly 15.2 million shares were sold, according to the company’s statement.
The offering price had already been revised earlier in the week from an even lower bracket of $17 to $19, a sign that demand among investors was stronger than expected.
The public debut gives Gemini a market value of around $3.3 billion based on the company’s outstanding shares. The stock began trading on the Nasdaq last Friday under the ticker symbol “GEMI.” Citigroup and Goldman Sachs are leading the underwriting for the listing.
The company also secured an additional $50 million investment with Nasdaq as part of a broader partnership earlier in the week. Through the partnership, Gemini’s institutional customers will integrate Nasdaq’s Calypso system to better manage and monitor trading collateral, while Nasdaq’s clients will gain access to Gemini’s staking and digital custody services.
This comes at a time when crypto values are hitting record levels and regulatory developments are giving the industry new credibility. The Securities and Exchange Commission has taken a lighter approach toward the sector since Donald Trump returned to office, which has opened the door for more crypto ventures.
The broader crypto sector has also seen a rush of companies heading to the public markets. Just a day before Gemini’s listing, Figure Technology secured nearly $788 million in an expanded IPO. Circle and Bullish also expanded their offerings this year, reflecting the sector’s growing momentum.
Gemini’s public debut was one of four high-profile listings scheduled for Friday alongside Via Transportation, Legence Corp, and Black Rock Coffee Bar.
Founded in 2014, Gemini has grown into one of the largest crypto exchanges in the U.S. by trading activity. It currently manages assets worth $21 billion and has facilitated over $285 billion in trades since its launch.
The exchange is still facing an unresolved SEC lawsuit accusing it of failing to properly register a lending product before offering it to the public. Both parties are scheduled to provide a status update soon.
In a separate twist, Trump’s nominee for the Commodity Futures Trading Commission (CFTC) recently alleged that Tyler Winklevoss lobbied the White House to delay his confirmation, citing a text message exchange as evidence.
The overall crypto industry, including established companies like Canaan Inc. (NASDAQ: CAN), will be pleased with the strides that the industry is making by joining the mainstream financial markets as Gemini’s successful IPO demonstrates.
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