It seems the crypto world is not without its theatrics. Gemini, the U.S.-based cryptocurrency exchange, is all set to dazzle the financial stage with its initial public offering (IPO), aiming for a valuation that would make even the most seasoned Wall Street player raise an eyebrow-$2.2 billion, give or take a few million. At an estimated price of $17-19 per share for its 16,666,667 Class A common stock, one can almost hear the violins warming up for the grand entrance.
According to the official press release, which reads more like a script for a Broadway show, Gemini will list its stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” The exchange has enlisted a veritable who’s who of financial heavyweights to lead the charge: Goldman Sachs, Citigroup, Morgan Stanley, and Cantor. One can only imagine the backstage drama as these titans of finance jostle for position.
But wait, there’s more! A cast of supporting players, including Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt, will also grace the stage. And let’s not forget the co-managers, Academy Securities, AmeriVet Securities, and Roberts & Ryan, who will ensure that every detail is perfect for the big night.
In a move that could only be described as theatrical, existing stockholders are expected to grant the underwriters a 30-day option to purchase up to an additional 2,396,348 and 103,652 shares of Class A common stock, respectively, just in case the audience demands an encore.
Currently, Gemini holds the modest position of being the 24th most popular crypto exchange, according to CoinMarketCap data. With an average liquidity score of 711 and 142 trading pairs, it offers a respectable 78 cryptocurrencies and support for seven leading fiat currencies, including USD, AUD, CAD, EUR, GBP, SGD, and HKD. A veritable smorgasbord of financial options, one might say.
The exchange first filed for the IPO with the U.S. Securities and Exchange Commission (SEC) in June, following the triumphant performance of Circle. However, the $2.2 billion IPO valuation for Gemini is a mere trifle compared to the blockbuster $85 billion launch of Coinbase in 2021, which set the bar so high that even the most optimistic crypto enthusiasts might feel a twinge of skepticism.
The most recent crypto IPO, for Bullish exchange in August, raised $1.15 billion at a valuation of $5.4 billion, proving that the crypto market, much like the theater, is always ready for a new star to rise. Will Gemini be the next big thing, or will it fade into obscurity like a one-hit wonder? Only time-and the fickle whims of the market-will tell. 🎭💼
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2025-09-02 17:04