Gemini seeks NASDAQ listing amid crypto IPO boom
|- Gemini has applied to list on the NASDAQ under the ticker GEMI.
- The firm filed to launch an IPO, offering 16 million shares of its Class A stock for sale.
- Gemini expects the offering to be priced between $17 and $19 per share.
Gemini filed on Tuesday for an Initial Public Offering (IPO) with the Securities & Exchange Commission (SEC) to list 16 million shares of its Class A stock on the NASDAQ exchange.
Gemini reveals IPO plan
Crypto exchange Gemini wants to issue approximately 16.7 million of its Class A common shares in an IPO, a Form S-1 filing with the SEC on Tuesday reveals.
The firm, founded by Cameron and Tyler Winklevoss, outlined plans to list on the NASDAQ under the ticker symbol GEMI.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are acting as lead bookrunners on the deal. Other financial institutions, including Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, and Bruyette & Woods, will serve as bookrunners for the deal.
Gemini did not mention when the offering is expected to end but stated that it is subject to market and other conditions, adding that it cannot guarantee the actual size or terms of the sale.
The firm and its selling shareholders stated that they granted bookrunners a 30-day option from the date of Tuesday's filing to purchase up to an additional 2,396,348 and 103,652 shares of Class A common stock at the IPO price. Gemini expects sales of its shares to be priced between $17 and $19.
Gemini aims to join a growing list of publicly-traded crypto companies in the US, alongside Circle, Coinbase, eToro and Bullish.
The firm first hinted at a public listing in June, after announcing that it confidentially filed for an IPO with the SEC. However, more details regarding the IPO were revealed in August, after Gemini indicated plans to list on the NASDAQ.
The recent crypto IPO boom follows a dramatic shift in the digital asset regulatory landscape since President Donald Trump's return to the White House in January. Gemini was one of several crypto companies from which the SEC withdrew a Wells notice after a change in the agency's leadership.
A Wells notice is an official letter from the SEC or other regulatory bodies, notifying a company or individual that it could face enforcement action due to evidence of securities law violation after an investigation.
Meanwhile, Tyler and Cameron Winklevoss were among the major crypto contributors to President Trump's campaign last year.
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