Investment firm Gemini secures a substantial $425 million through its initial public offering (IPO)
Gemini Raises $425 Million in Initial Public Offering
Gemini, the cryptocurrency exchange platform co-founded by the Winklevoss twins, has successfully completed its initial public offering (IPO), raising a total of $425 million.
The offering, which was announced on September 12, was listed on the Nasdaq Global Select Market with the symbol GEMI. The company sold 15.18 million shares at $28 each, marking a higher price than the expected range of $24 to $26.
The offering was led by major investment banks, including Goldman Sachs, Morgan Stanley, and Citi. Other co-lead bookrunners included Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities.
Part of the offering was allocated to users and retail investors on platforms like Robinhood, providing an opportunity for a wider audience to invest in the cryptocurrency exchange.
After the IPO, the Winklevoss twins will retain control of approximately 94.5% of the voting power. This ensures that the company's direction and decisions will continue to be guided by its founders.
The successful IPO marks a significant milestone for Gemini, further cementing its position as a leading player in the cryptocurrency exchange market. As the world continues to embrace digital assets, Gemini is poised to play a crucial role in this evolving landscape.
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