- Nasdaq invests $50 million in Gemini via private placement ahead of IPO debut.
- Gemini to raise $300M+ with GEMI listing, offering 16.7 million Class A shares.
- IPO marks Gemini as the third US-listed crypto exchange after Coinbase, Bullish.
Gemini exchange has recruited Nasdaq as a strategic investor ahead of its scheduled IPO this week. The partnership involves Nasdaq purchasing $50 million in shares through a private placement concurrent with the public listing.
The partnership encompasses operational synergies between the two platforms in addition to financial investment. While Gemini’s institutional users can use Nasdaq’s Calypso platform to manage and track trading collateral, Nasdaq’s institutional clients will have access to Gemini’s cryptocurrency custody and staking services.
IPO Details and Market Positioning
Gemini plans to offer 16,666,667 shares of Class A common stock at a price range of $17.00 to $19.00 per share, potentially raising over $300 million. The offering includes a 30-day option for underwriters to purchase up to 2,396,348 additional shares from Gemini and 103,652 shares from selling stockholders.
This Friday, the Winklevoss twins’ exchange will make its Nasdaq debut under the ticker “GEMI,” making it the third cryptocurrency exchange in the US to be publicly traded, according to Reuters. The only other public cryptocurrency exchanges at the moment are Coinbase and Bullish, with Coinbase being included in the S&P 500.
Gemini Remains Biggest US Exchange In Terms Of Volume
According to data source Kaiko, Gemini is one of the biggest cryptocurrency trading platforms in the United States in terms of volume. The exchange manages $21 billion in assets and has processed $285 billion in lifetime trading volume since its founding.
The timing aligns with a resurgent US equity capital markets environment that has seen strong demand for new listings. Recent increases in first-day performance have prompted private businesses to use initial public offerings (IPOs) to gauge investor interest. Companies that deal with digital assets have been heavily represented in recent initial public offerings.
Bullish saw shares jump more than 150% on its NYSE launch day last month, while Circle, the USDC stablecoin issuer, had a successful public debut earlier this year. A number of other cryptocurrency businesses, such as BitGo and Kraken, have revealed ambitions to go public.
This wave of crypto IPO activity comes as the sector gains institutional acceptance and regulatory clarity improves. However, sources cautioned that Gemini’s plans remain subject to market conditions and could change depending on investor demand and broader market factors affecting the timing and structure of the offering.
Related: Cameron Winklevoss introduces Gemini Credit Card with XRP rewards
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