Gemini Stock Set to Begin Trading as Strong IPO Demand Signals Emerge

Deep News
Sep 12

Gemini, the cryptocurrency company founded by the Winklevoss twins, is scheduled to commence stock trading today.

Gemini shares are expected to see opening gains following their public debut.

The cryptocurrency exchange, established by twin brothers Cameron Winklevoss and Tyler Winklevoss, finalized its IPO pricing at $28 per share last night. This price exceeded the previously raised expectation range of $24-26 per share. The company, officially named Gemini Space Station, issued 15.1 million Class A common shares in this offering. While the number of shares issued was lower than initially anticipated, the pricing was set higher. According to the company, the IPO raised a total of $425 million.

The stock is expected to begin trading later today on the NASDAQ Stock Exchange under the ticker symbol "GEMI."

Several indicators suggest the stock is likely to rise on its debut trading day: NASDAQ recently made a $50 million private investment in the company; the company had previously raised its IPO price range; and subscription demand has been robust — Reuters reported on Thursday that demand for the stock exceeded available shares by more than 20 times.

Based on the IPO pricing, Gemini's market valuation stands at approximately $3.3 billion.

Previously, other prominent cryptocurrency companies have completed their public listings, including stablecoin operator Circle (ticker: CRCL) and institutional-focused digital asset platform Bullish (ticker: BLSH).

Gemini ranks among the more well-known cryptocurrency exchanges in the United States. Beyond its exchange operations, the company has launched a credit card offering cryptocurrency rewards and maintains its own stablecoin product. Although Gemini's trading volume represents only a fraction of that handled by Coinbase Global, Inc. (ticker: COIN), the largest cryptocurrency exchange in the US, the company indicates that untapped potential remains in tokenization and credit card payment sectors, which will serve as future growth drivers.

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