Winklevoss Twins Set to Take Crypto Exchange Gemini Public

Cameron and Tyler Winklevoss, known as the first bitcoin billionaires, are preparing for an impressive initial public offering involving Gemini Space Station, the crypto exchange they founded back in 2014. Set to be listed under the NASDAQ symbol "GEMI", the Gemini offering is being touted as one of the most significant tech IPOs in the cryptocurrency arena. The Winklevoss twins' plans follow the public listings of Circle, a stablecoin issuer, and Bullish, a crypto exchange backed by entrepreneur Peter Thiel. Gemini intends to place approximately 16.7 million shares up for sale, in the price bracket of $17 to $19 per share, suggesting an estimated market worth of $2.1 billion. The filing also indicates that the proceeds from the sale could lead to an estimated net gain of around $272 million. The exchange, known for providing a trading platform for crypto users and its other services like the Gemini dollar stablecoin and credit card, would make the brothers the CEO and President respectively. Gemini holds a reputation of being one of the top crypto exchanges in the States and sees fierce competition from industry stalwarts like Coinbase, Kraken, and recent entrants like Robinhood. Primarily making its revenue from transaction fees and ancillary businesses, Gemini's filing suggests that the total market for crypto could balloon into "multi-trillion-dollar opportunities" in the upcoming decades. However, Gemini did face some challenges with its Earn program collapsing in 2022 during the crypto market downfall. But despite the hardships, the company saw approximately $285 billion in total trading volume by the end of July. The Winklevoss twins, also humorously referred to as the "Winkelvii," have been key players in promoting the adoption and acceptance of cryptocurrencies. They've previously made considerable donations in bitcoin to political campaigns and have invested significantly in cryptocurrency-focused ventures.