Crypto exchange Gemini has made a strong debut on the public markets, raising $425 million in its initial public offering. The company, led by the Winklevoss twins, successfully sold 15.18 million Class A shares at $28 each, exceeding its initial and even revised price projections.
Trading commenced on Friday on the Nasdaq Global Select Market under the ticker GEMI, with the offering expected to finalize on Monday. Major financial institutions like Goldman Sachs, Citigroup, Morgan Stanley, and Cantor acted as lead bookrunners for the IPO.
The offering included a 30-day option for underwriters to purchase additional shares, though Gemini itself will not receive proceeds from shares sold by existing stockholders.
Notably, the Winklevoss twins will maintain significant control, retaining approximately 94.5% of voting power post-IPO. Nasdaq Inc. also showed confidence, investing $50 million in a private placement.
Gemini allocated a portion of its offering to insiders, long-standing users, and retail investors via popular trading platforms. This move makes Gemini the third U.S.-listed crypto exchange, following Coinbase and Bullish, and signifies a continuing trend of crypto companies entering public markets.
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