tl;dr
Gemini, a cryptocurrency exchange co-founded by the Winklevoss twins, is preparing for an IPO. The exchange’s parent company, Gemini Space Station, Inc., has initiated the IPO process, aiming to offer over 16.6 million shares of class A common stock. The IPO price range is between $17 and $19 per ...
Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, is making waves as it prepares to join the ranks of publicly traded crypto firms. With Coinbase and Bullish already securing high-profile stock market debuts, the question on everyone’s mind is: Will Gemini’s IPO live up to the hype—or fall flat?
The exchange’s parent company, Gemini Space Station, Inc., recently announced it has kicked off its IPO process, aiming to offer over 16.6 million shares of class A common stock. The move follows a registration statement filed with the U.S. Securities and Exchange Commission (SEC), signaling the first formal step toward a public listing. Shareholders planning to sell their stakes have also granted underwriters—including banking giants Goldman Sachs, Citigroup, and Morgan Stanley—the option to purchase an additional 2.5 million shares within a month, a standard practice to cover over-allotments.
The IPO’s price range is currently set between $17 and $19 per share, though the final figure will depend on market conditions. If all goes smoothly, Gemini will trade under the ticker “GEMI” on the NASDAQ, a major milestone for the exchange and its founders. Yet, as with any IPO, there’s no guarantee the offering will proceed as planned.
The road ahead isn’t without precedent. Coinbase’s 2021 direct listing on the NASDAQ was a spectacle, with shares surging 31% on the first day to close at $328.28, far above its reference price of $250. However, the company’s stock has since dipped to around $303, reflecting the volatile nature of the crypto market. Meanwhile, Bullish, which recently debuted on the New York Stock Exchange (NYSE), has its own success story. Its IPO raised $1.1 billion, valuing the exchange at $5.4 billion, and its shares soared 143% on the first day, hitting a peak of $118 before settling at $62.
What makes Bullish’s IPO stand out? It was the first ever to be fully settled in stablecoins, a move Coinbase CEO Brian Armstrong called “a baller move” and a sign of things to come for the crypto industry. “Soon this will be the new normal,” he said, highlighting the potential for stablecoins to become a standard in financial transactions.
As Gemini prepares for its own debut, the crypto world is watching closely. Will it follow Coinbase’s bold direct listing strategy, or will it opt for a more traditional IPO like Bullish? Only time will tell—but one thing is clear: The race to dominate the public markets is far from over.