- Gemini’s IPO targets over $3 billion with Nasdaq partnership boost.
- Nasdaq’s $50 million investment strengthens Gemini’s position in crypto market.
- Gemini’s stock debut on Nasdaq signals crypto industry’s growing confidence.
Gemini, the crypto exchange co-founded by Tyler and Cameron Winklevoss, has raised its IPO target, aiming for a valuation exceeding $3 billion. With its new target price of between $24 and $26 per share, the company has revised its valuation to show that it is a very confident company in the eyes of investors.
This new range is a massive upswing from its past estimation of $17 to $19 per share.
Given that it intends to sell 16.67 million shares at the upper end of the price range, Gemini is seeking to raise as much as $433.3 million. Moreover, the offering may increase to 17.12 million shares in case the underwriters exercise their option of increasing the number of shares completely.
Following the IPO, the company will possess 118.8 million outstanding shares overall, and it will be valued at $3.09 billion in the market.
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Nasdaq Investment and Strategic Partnership Strengthen Gemini’s Market Position
In a strategic move, Gemini has also confirmed a $50 million private placement with Nasdaq, where the financial giant will purchase shares at the IPO price. This action entrenches the strengthening of the relationship between the two companies as Gemini continues to scale in the institutional market.
An essential element of this cooperation will be a collaboration under which Nasdaq customers will have access to crypto custody and staking services through Gemini. This transaction empowers Gemini in the institutional market and is bound to have huge revenue prospects in the future.
Gemini will also repackage Nasdaq’s Calypso collateral management solution and offer it to its institutional customers.
Gemini is set to be the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish. Its IPO debuts on Nasdaq this Friday under the ticker GEMI. This company has ambitious expansion strategies and collaborates with Nasdaq, which signifies its desire to establish a strong presence in retail and institutional crypto services.
Gemini’s IPO and growing Nasdaq partnership highlight the continued maturation of the cryptocurrency industry, signaling that institutional players are increasingly confident in crypto’s long-term potential. The exchange’s successful public offering could spark a new wave of interest in the crypto sector, further solidifying its place in the financial world.
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