Cryptocurrency exchange Gemini Space Station, Inc., founded by the Winklevoss twins, has begun the process of initial public offering (IPO), making it the third public crypto exchange.
IPO Launch
Gemini announced the launch of its IPO process with the offering of over 16.6 million shares of class A stock. The company's registration was filed with the U.S. Securities and Exchange Commission. Additionally, the exchange has provided underwriters the option to purchase 2,396,348 and 103,652 additional shares to cover over-allotments. The stock price range is set between $17 and $19.
Gemini's Outlook
It remains unclear when the offering will be completed or its actual size. Nevertheless, Gemini has applied for listing on NASDAQ under the ticker "GEMI." Leading underwriters include major financial institutions such as Goldman Sachs, Citigroup, and Morgan Stanley.
Comparison with Other Exchanges
In 2021, Coinbase went for a direct listing on NASDAQ at a reference price of $250, finishing the first trading day at $328.28. Recently, Bullish, which debuted on the NYSE last month, had a successful opening, with its stock starting at $90 and reaching highs of $118, indicating a substantial increase in its market valuation.
With Gemini set to follow in the footsteps of Coinbase and Bullish, its market entry may reshape the landscape of cryptocurrency exchanges and attract further attention to the industry.
