Cryptocurrency exchange Gemini is preparing for its initial public offering on Nasdaq, increasing its expected share price, highlighting financial firms' interest in the crypto market.
Gemini Raises Share Price for IPO
The company Gemini has announced an increase in its IPO price range from $17-$19 to $24-$26 per share. The exchange expects to sell 16.67 million shares, bringing its valuation to approximately $3.1 billion.
Support from Nasdaq and Major Banks
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are involved in underwriting the upcoming public offering, and Nasdaq has a deal to purchase $50 million worth of shares at the IPO price.
Increase in Cryptocurrency IPOs Amid Market Changes
Under President Donald Trump's pro-crypto administration, many cryptocurrency exchanges, including Gemini, are striving to go public, emphasizing the importance of legitimacy in the financial sector.
By following in Coinbase's footsteps, Gemini is aiming to open doors for institutional investors in the cryptocurrency sector, reaffirming its status in the financial market.
