Gemini aims for a $2.22 billion valuation for its Nasdaq IPO, with an expected raise of $317 million facilitated by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.
Lavish Entrance for Gemini
Gemini is gearing up to enter the Nasdaq with a target valuation of $2.22 billion. To achieve this, the exchange plans to sell 16.67 million shares in a range between $17 and $19. At this price, the raise would reach $317 million. The Wall Street giants, Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, are orchestrating the operation.
This IPO comes at a time when the U.S. markets are reopening to cryptocurrency-related companies, with the recent debuts of Circle, eToro, or Bullish on Wall Street.
Modest yet Growing Revenues
Documents submitted to the SEC reveal that Gemini generated $142.2 million in revenue in 2024, up from $98.1 million in 2023. This increase is attributed to the resurgence of activity in the markets, with Bitcoin and altcoins boosting trading volumes that directly benefit Gemini. The New York exchange is positioning itself as a mid-sized player, poised to capture institutional adoption waves in the U.S. and Europe.
The Winklevoss Brothers’ American Bet
For Cameron and Tyler Winklevoss, this IPO represents a turning point. Founded in 2014, Gemini has always positioned itself as a regulated and compliant alternative to offshore platforms. Despite challenges like the Genesis incident, the bankrupt crypto lender that drew regulatory scrutiny, Gemini intends to leverage its reputation as a rule-abiding platform to gain Wall Street’s trust.
A Litmus Test for the Crypto Market
If the listing is successful, Gemini will be traded under the ticker GEMI. This operation serves as a litmus test: are American investors willing to bet on crypto companies again after past scandals and FTX’s collapse? One thing is certain: with this IPO, the Winklevoss twins are sending a strong signal. Gemini no longer wants to linger in Coinbase’s shadow and is now playing the credibility card in the stock market.
