Gemini Prepares for IPO, Set to Become the Third Crypto Company on Wall Street

The crypto exchange led by the Winklevoss twins is next in line for a public listing on the stock index. Coinbase and Bullish have already made the leap and garnered significant attention. What’s next for Gemini?

Ongoing Proceedings

In a press release, Gemini Space Station, Inc., the parent company of the exchange, announced earlier this week that it has initiated the process of an initial public offering (IPO), with an offering of over 16.6 million shares of Class A common stock.

This follows a registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC). Along with the offering, Gemini and shareholders selling their shares plan to provide underwriters (a financial institution that assesses and assumes the risk of a potential loan) the option to purchase additional shares for a period of one month.

These amounts are 2,396,348 and 103,652 shares of Class A, which will be used to cover over-allotments, an option that allows underwriters to sell up to 15 percent more shares than originally planned. The IPO price for the shares is currently set in the range of $17 to $19, depending on the economic climate and other conditions.

Additionally, the statement notes that there is no guarantee as to when or if the offering will be completed, nor its actual size. Gemini has applied for listing on the Nasdaq index under the ticker ‘GEMI’. The leading underwriters are financial giants Goldman Sachs, Citigroup, and Morgan Stanley.

Will We See Another Stellar Performance?

Let’s recall Coinbase in 2021, which went straight to a direct listing on Nasdaq, instead of the usual IPO. Prior to the listing, the reference price per share was $250, and by the end of the first day of trading, it closed at $328.28, a jump of 31 percent. Earlier this week, COIN was trading at around $303, representing a slight decline over the past few years.

More recently, the Bullish exchange, which launched on the New York Stock Exchange (NYSE) last month, also experienced an impressive debut following its IPO, through which it raised $1.1 billion, giving it an initial valuation of $5.4 billion, with a share price of $37.

The first day of trading went well, with initial share prices of $90 and peaking at $118, representing increases of 143 and 218 percent, before closing the day at $68. At the time of writing, the share price is stable at around $62. Notably, this IPO was unique in itself, as it was the first to be fully settled in stablecoins.