Winklevoss-Backed Gemini IPO Eyes $317M Raise at $2.22 Billion Valuation

The Gemini IPO is taking shape with the crypto exchange providing new details about how many shares will be available for sale ahead of its public listing. The crypto exchange plans to list on the Nasdaq exchange under the ticker ‘GEMI.’

Gemini IPO To Raise Almost $317 Million For Crypto Exchange

In an SEC filing, the crypto exchange announced that it is offering 16.7 million shares of its Class A common stock at an initial public offering price of between $17 and $19 per share. Based on the share price, the IPO could raise up to $316.7 million at a market value of $2.2 billion.

Furthermore, in connection with the Gemini IPO, the crypto exchange and its selling shareholders intend to grant the underwriters a 30-day option to purchase up to an additional 2.4 million and 103,652 shares, respectively, to cover over-allotments. The lead underwriters for the IPO are Goldman Sachs and Citigroup.

The crypto exchange noted that the IPO is still subject to market and other conditions and that there is no assurance as to when or whether they will complete the offering. Considering the demand that the earlier crypto IPOs for Circle and Bullish recorded, there is also the possibility that it may be oversubscribed, which would lead the crypto exchange to raise the IPO price.

Meanwhile, as CoinGape earlier reported, the crypto exchange has applied to list its Class A common stock on the Nasdaq under the symbol “GEMI” following the Gemini IPO. The company’s financials also showed that it recorded a net loss of $282.5 million in the first half of the year, an increase from the $41.4 million loss it reported in the first quarter of 2024.

Notably, the crypto exchange had also revealed a credit agreement of up to $150 million with Ripple to facilitate the initial public offering. Part of the credit line, if extended up to $150 million, involves the use of the RLUSD stablecoin.

Plans For Net Proceeds

The crypto exchange stated that it plans to use the net proceeds from its IPO for general corporate purposes. This may include product development, general and administrative matters, capital expenditures, and repayment of all or a portion of its third-party indebtedness.

As part of its business operations, Gemini currently operates a derivatives exchange and an OTC trading desk. It also offers staking services, issues a NYDFS-regulated stablecoin, and offers U.S. credit cards.

It recently launched its XRP credit card for XRP holders, offering up to 4% cash back on every purchase. Notably, that move comes as the company looks to boost its revenue sources ahead of the Gemini IPO.

The crypto exchange recorded a surge in the number of downloads of its app on the U.S. Apple App Store following the launch of the XRP card. Gemini also climbed up the rankings on the App Store, surpassing Coinbase, the largest U.S. crypto exchange, in the process.