Gemini Files Confidentially for IPO, Joining Crypto Firms Going Public
Cryptocurrency exchange Gemini has announced its plans to go public, submitting a confidential filing with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A shares.
- Gemini has confidentially filed with the SEC for an IPO of its Class A shares.
- The number of shares to be offered and the price range for the IPO have not been disclosed.
- This follows a Bloomberg report in March indicating Gemini was working with Goldman Sachs and Citigroup on a potential IPO.
The company confirmed its intention to pursue an IPO through a press release on Friday. Due to the confidential nature of the filing, specific details regarding the size of the offering and the target price remain undisclosed. These details will be determined following regulatory review by the SEC and will be subject to market conditions.
Gemini Prepares for Public Offering After SEC Filing
This move follows a Bloomberg report from March, which suggested that Gemini had been collaborating with Goldman Sachs and Citigroup on its IPO plans after the SEC concluded its investigation into the exchange in February.
Gemini’s filing is part of a broader trend among cryptocurrency companies seeking public listings, potentially influenced by favorable regulatory developments in the industry.
Other recent developments in the crypto market include Circle Internet Group, the issuer of USDC, listing on the New York Stock Exchange under the ticker CRCL. The stock began trading at $69 on Thursday and has since risen to over $112 in after-hours trading on Friday. Circle initially raised $1.1 billion in its IPO on Wednesday after selling 34 million shares.
Similarly, cryptocurrency exchange Coinbase joined the S&P 500 in May, replacing Discover Financial Services. The announcement led to an increase in Coinbase’s stock price (COIN).
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