IPO of Gemini seeks a valuation of $2.22 billion on Nasdaq
The crypto exchange Gemini, co-founded by Cameron and Tyler Winklevoss, has made a significant move by filing an S-1 for an initial public offering (IPO). This move comes at a time when crypto companies have seen increased interest during public debuts on Wall Street.
Gemini aims to raise up to around $317 million through the IPO, and targets a valuation of up to $2.22 billion. The company intends to take advantage of exemptions from various reporting requirements applicable to other public companies, which includes reduced disclosure obligations regarding executive compensation. As an "emerging growth company," Gemini will not be subject to an audit from a registered accounting firm.
The firm is offering 16.7 million shares, and shares of Gemini will trade on the Nasdaq under the ticker symbol GEMI. The pricing for each share ranges between $17 and $19. The name of the registered accounting firm that exercises audit oversight over Gemini is Withum.
The IPO of Gemini is evidence of the increased interest in crypto companies on Wall Street, with massive day-one trading volumes being a testament to this trend. The information provided is from the Unchained Daily newsletter.
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