Gemini Valuation Could Top $3 Billion as Crypto Exchange Raises IPO Share Price

Core Insights - American crypto exchange Gemini has increased its expected IPO share price to a range of $24-26, potentially valuing the firm at over $3 billion upon market entry [1] - The firm plans to offer 16,666,667 common shares of GEMI at the updated price range, up from an initial expectation of $17-19 [1] Company Positioning - Founders Tyler and Cameron Winklevoss emphasized the transformative nature of digital assets in a letter, stating that Gemini is building a "super app" for the crypto frontier and is uniquely positioned for future contributions [2] - The exact date for the IPO remains unspecified, but the firm aims to proceed "as soon as practicable" following the effective filing date [2] Market Context - Gemini's IPO intentions were first announced in June, following the successful IPO of stablecoin issuer Circle, which also increased its offering price due to high demand [3] - The IPO is being underwritten by major financial institutions including Goldman Sachs, Cantor, and Morgan Stanley, with GEMI set to trade on Nasdaq [3] Share Allocation - The firm has requested that 10% of the IPO shares, approximately 1.67 million shares, be reserved for a directed share program aimed at specific individuals and entities [4] - Additionally, Gemini has entered into an agreement with Nasdaq Inc. to sell $50 million worth of shares at the IPO price, minus underwriting discounts and commissions [4]