"Gemini Space Station Inc., a cryptocurrency exchange led by the billionaire Winklevoss twins, seeks to raise as much as $316.7 million in its initial public offering as the latest crypto business in line for a U.S. listing. The New York City-based crypto exchange and custodian plans to market 16.7 million shares for $17 to $19 each in its IPO, according to a filing with the U.S. Securities and Exchange Commission on Tuesday. At the top of that range, Gemini would have a market value of about $2.2 billion based on the outstanding shares listed in its filing."
"Gemini joins a rush of crypto listings as the Trump administration has embraced the industry and stablecoin legislation was signed into law. Stablecoin issuer Circle Internet Group Inc. went public in June in a $1.2 billion IPO, surging 168% on its first trading day, and crypto exchange Bullish climbed 84% in its debut after raising $1.1 billion in August. Founded in 2014 by Cameron Winklevoss and Tyler Winklevoss, Gemini has more than $18 billion of assets on the platform, the filing shows. The brothers donated $21 million in Bitcoin to a Republican-oriented political action committee to help Trump expand his pro-digital asset agenda going into the U.S. midterm elections."
"Gemini had a net loss of $282.5 million on $68.6 million total revenue in the six months through June 30, versus a net loss of $41.4 million on total revenue of $74.3 million in the same period last year, according to the filing. The firm offers a crypto exchange, a US dollar-backed stablecoin, crypto staking, crypto custody and a credit card that offers rewards in crypto. In the first six months of this year, transaction revenue from volume-based trades accounted for 65.5% of Gemini's revenue."
Gemini Space Station Inc. plans to offer 16.7 million shares at $17 to $19 each in an initial public offering, targeting up to $316.7 million and a roughly $2.2 billion valuation at the top range. The New York City-based exchange and custodian reports more than $18 billion of assets on its platform. The company posted a six-month net loss of $282.5 million on $68.6 million revenue, versus a $41.4 million loss on $74.3 million a year earlier. Transaction fees made up 65.5% of revenue in the first half. Offerings include an exchange, a US dollar-backed stablecoin, staking, custody and a crypto rewards credit card, and the firm settled regulatory matters with the SEC and CFTC.
Read at Fortune Crypto
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