Gemini’s IPO Launch: Winklevoss-Founded Crypto Exchange Valued at $3.3 Billion with $28 Share Price

Tyler and Cameron Winklevoss have made waves in the cryptocurrency world with their exchange, Gemini. Recently, they set the price for their initial public offering (IPO) at $28 per share, which is higher than expected. This move values Gemini at about $3.3 billion, reflecting strong interest from investors. Initially, they planned to offer shares at a lower range, but demand quickly surged.

Gemini is known as a major cryptocurrency exchange, holding over $21 billion in assets. The IPO allows retail investors to buy up to 30% of shares through platforms like Robinhood and SoFi. This accessibility is important, especially in a market where ordinary people are eager to invest in crypto.

In recent years, the crypto market has seen its ups and downs. For example, while firms like Circle and Bullish have had successful IPOs, Gemini has faced challenges, including widening losses—$159 million in 2024 and $283 million in the first half of this year. This reality contrasts sharply with the booming prices of key cryptocurrencies like Bitcoin and Ethereum.

Interestingly, Nasdaq has shown confidence in Gemini by investing $50 million. This partnership may benefit both companies, allowing Nasdaq to offer Gemini’s custodial services to its clients. Additionally, Gemini’s recent credit card launch, partnered with Ripple, saw an impressive spike in sign-ups, hitting over 30,000 in August alone, doubling from the month before.

Although the future of cryptocurrency remains uncertain, the excitement around IPOs and retail investment suggests that the interest in this digital asset class is still very much alive. Keeping an eye on these developments can offer valuable insights into where the market may head next.

For more insights into cryptocurrency, check out CNBC’s coverage here.

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