According to a press release on June 6, cryptocurrency exchange Gemini has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC).
Gemini filed a confidential draft registration statement on SEC Form S-1, which allows companies to apply for an IPO before publicly disclosing sensitive information. This application comes at a time when investor confidence is recovering, as the uncertainty brought about by the trade war has diminished.
The number of shares to be issued and the price range per share have not yet been determined. The press release also did not mention a potential date for the IPO.
Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. In November 2021, the company announced it had raised $400 million, reaching a valuation of $7.1 billion. Reportedly, in November 2022, the exchange had about 1,000 employees, although it later laid off some staff during the crypto winter.
In January 2023, Gemini clashed with the SEC over its "Earn" program, with the agency accusing the program of involving the sale of unregistered securities.
The Winklevoss twins were significant supporters of U.S. President Donald Trump's campaign, each donating $1 million. These donations were later refunded due to exceeding the individual contribution limit.
Following Circle's successful IPO on June 5 and CoreWeave's stock price surge after its listing in March, competition for IPOs has intensified.
As of the close on June 5, Circle's stock price had risen by 167%. This oversubscription has attracted the attention of many institutions, including BlackRock, which is considering holding a 10% stake, and ARK Invest, led by Cathie Wood, which is contemplating purchasing $150 million worth of shares in the stablecoin issuer.
Circle's stock momentum continued on June 6, and at the time of writing, its stock price had increased by 32.2%.
CoreWeave completed its IPO on March 28, and according to Google Finance data, its stock price has risen by 158% over the past month.
Related: Tether CEO rejects IPO, calling $51.5 billion valuation "a bit bearish"
Original article: “Winklevoss Brothers' Gemini Exchange Files Confidential IPO Application as Investor Confidence Rebounds”
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