Gemini, the US-based cryptocurrency exchange founded by twins Cameron and Tyler Winklevoss, is targeting a valuation of up to $2.22 billion as it prepares for its initial public offering (IPO).
Gemini’s listing would be a significant milestone, as it would be the third publicly traded digital asset exchange. This also follows the successful debuts of Bullish last August and Coinbase, the largest crypto platform in the United States, in 2021.
Notably, the cryptocurrency sector has been steadily integrating into mainstream finance, aided by the regulatory approvals for spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) last year, and Coinbase’s inclusion in the S&P 500.
In a similar vein, Figure Technologies, a blockchain lending firm, is also eyeing a substantial valuation of up to $4.13 billion in its own initial public offering.
IPOX CEO Josef Schuster noted that this supportive regulatory environment is likely to encourage more firms to go public. He stated:
Investors in this space tend to be patient because they see the long-term potential—especially with regulatory hurdles starting to clear and adoption continuing to grow
Goldman Sachs and several traditional financial institutions on Wall Street are set to serve as the lead underwriters for the initial public offering of Gemini and Figure Technologies’ initial public offerings.
Featured image from DALL-E, chart from TradingView.com
