Quick take:
- The top end of that pricing range values the crypto exchange company at $2.2 billion.
- Co-founder twins Cameron and Tyler Winklevoss will retain control of Gemini, even after the IPO, with 94.7% voting power.
- Gemini plans to use the IPO to increase its capitalization and financial flexibility and to create a public market for its Class A shares.
The Winklevoss twins’ crypto exchange company, Gemini, is targeting $316.7 million in funding from its highly anticipated Nasdaq IPO. According to a press release seen by NFTgators on Tuesday, Gemini Space Station (NASDAQ: GEMI) plans to offer 16.7M shares at $17-$19 apiece in the IPO.
The top end of that pricing range values the crypto exchange company at $2.2 billion, based on the total number of shares of common stock outstanding as per a press release. Despite the IPO, the Co-founder twins, Cameron and Tyler Winklevoss, will retain control of Gemini, with 94.7% voting power.
The Gemini IPO is the latest in a growing list of crypto companies that are targeting regulated public markets for diversified capital options. It comes amid growing optimism for a clearer regulatory framework for digital assets in the U.S., sparked by Trump’s pro-crypto manifesto.
Gemini is also one of the crypto exchange platforms expanding its offerings to include tokenised stocks, courtesy of its partnership with RWA and securities tokenisation platform, Dinari. The company debuted its tokenised stocks product in Europe, starting with Michael Saylor’s MicroStrategy.
Gemini’s pre-IPO valuation is backed by a 45% annual revenue growth in 2024, which saw the company’s top line rise to $142.2 million, with operating loss shrinking to $165.8 million, from $311.6 million in the preceding year.
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