Gemini, the crypto exchange founded by the Winklevoss twins, has increased the volume of its initial public offering (IPO) in an effort to achieve a valuation of over $3 billion. This decision underscores the growing investor interest in cryptocurrencies.
Increase in Share Price Range
The updated prospectus filed with the Securities and Exchange Commission (SEC) indicates that Gemini now intends to sell its shares in the range of $24 to $26, up from the previous range of $17 to $19. The exchange will offer about 16.67 million shares, aiming to raise $433 million.
Support from Nasdaq
Gemini confirmed that Nasdaq is backing its debut and will purchase 2.11 million shares in a $50 million private placement.
Investor Interest in Crypto Companies
Recent months have seen significant investor interest in crypto companies. For instance, stablecoin issuer Circle successfully debuted on the New York Stock Exchange, increasing its value by 167%. Similarly, shares of the company Bullish, a crypto exchange operator and media company, saw a 218% rise on their listing day.
The increase in IPO volume and support from Nasdaq affirm the growing interest in cryptocurrencies and their business models. Strong growth indicators in the crypto investment space may signal new successes for other players in the industry.
