Gemini Raises IPO Price Range, Targets $3 Billion Valuation
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Yellow.com reported yesterday that Nasdaq plans to invest in Gemini's initial public offering, marking another institutional endorsement for the cryptocurrency sector. The Winklevoss twins' digital asset exchange raised its proposed IPO price range Tuesday, now targeting a valuation reaching $3.08 billion as investor appetite for crypto ventures continues strengthening. Gemini plans to sell 16.67 million shares at the elevated price range, aiming to raise $433.3 million in proceeds. The cryptocurrency trading platform founded by Cameron and Tyler Winklevoss has scheduled pricing for Thursday. Goldman Sachs and Citigroup serve as lead underwriters for the transaction. The exchange will trade on Nasdaq under ticker symbol "GEMI" once public. This follows Coinbase's successful public debut, which made it the first cryptocurrency exchange to join the S&P 500 index. Bullish, another crypto trading venue, saw its shares more than double during its NYSE debut last month. Figure Technologies, a blockchain lending company, also raised its IPO price range Tuesday while increasing the offering size. The moves signal broader institutional confidence in digital asset companies. Both firms benefit from improving regulatory clarity and growing acceptance among traditional financial institutions. U.S. initial public offerings have gained momentum this fall as equity markets reach new highs...
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