Gemini Space Station, the cryptocurrency exchange founded by the Winklevoss twins, appears set for a scorching IPO. On Wednesday, the company raised its forecast for the initial public offering price to a range of $24 to $26. It still aims to unload about 16.7 million shares, signifying a market capitalization exceeding $3 billion at the top end. This escalated price point indicates robust investor demand for the shares and follows a trend of successful public entries by industry contemporaries such as stablecoin operator Circle (CRCL) and institution-oriented digital asset platform Bullish (BLSH).
Previously, the price range was gauged at $17 to $19 per share. Gemini Space Station is projected to list on the Nasdaq under the ticker "GEMI." Earlier this week, Gemini garnered a $50 million private investment from another exchange operator, Nasdaq (NDAQ), according to a regulatory disclosure. Nasdaq consented to a per share price equivalent to the IPO for Class A stocks, minus underwriting fees and commissions.
The Winklevoss twins, renowned for their involvement in the social media platform previously known as Facebook and now Meta (META), are also reserving some shares for retail investors. The firm estimates that up to 30% of Class A shares will be offered to individual investors through brokerage firms such as Robinhood (HOOD) and SoFi (SOFI).
Gemini operates one of the more renowned crypto exchanges in the U.S. and also runs a credit card enterprise. Though its trading volume is a portion of the much grander Coinbase Global (COIN), the company views tokenization and card payments as a "huge untapped potential" for future growth.