Crypto Exchange Gemini Targets $317 Million IPO with Nasdaq Listing
Gemini Exchange to Go Public
- Gemini, led by Tyler and Cameron Winklevoss, is planning a public listing.
- Nasdaq has become a strategic investor, committing to purchase $50 million in shares through private placement.
- The IPO aims to raise up to $317 million.
- Trading on Nasdaq is set to begin on September 12 under the ticker symbol GEMI, pending market conditions.
Market Context
- The IPO comes amid a recovery in U.S. equity capital markets with increased demand for new listings.
- Recent successful IPOs include Circle and Bullish, highlighting crypto's role in the market.
- If successful, Gemini will be the third publicly traded crypto exchange after Bullish and Coinbase.
- Crypto firms have generally seen strong stock performance since their IPOs.
Nasdaq's Broader Crypto Strategy
- Nasdaq is also pursuing tokenization initiatives, having filed with the SEC to amend rules for trading tokenized securities.
- The goal is to offer such products through regulated platforms instead of isolated venues.