Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of Gemini looking to be publicly listed on the NASDAQ.
Gemini Seeks Public Listing
The billionaire Winklevoss twins are pushing to have Gemini Space Station Inc. listed on the NASDZQ stock exchange following an IPO filing. This comes even though the New York City-based crypto exchange and custodian saw a net loss of $282.5 million on $67.9 million revenue in the six months up to June 30. This is compared to a net loss of $41.4 million on revenue of $73.5 million in the same period for 2024.
The information was disclosed as part of the filing with the US Securities and Exchange Commission last Friday. Gemini was founded in 2014 and so far has more than $18 billion of assets on the platform according to the filing. Transaction revenue for Gemini saw 65.5% from volume-based trades. Gemini has Cameron Winklevoss as its president and Tyler Winklevoss as its chief executive officer and offers a crypto exchange, a US dollar-backed stablecoin, crypto staking and a credit card. Both of the Winklevoss twins have a net worth of $7.5 billion and are the only shareholders in Gemini with stakes of 5% or more listed in the latest filing.
https://x.com/riddle245/status/1956484183968350481
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will lead the deal, with Academy Securities and AmeriVet Securities as co-managers although the timing of the IPO remains unclear, A number of crypto companies have rushed to get publicly listed following the Trump administration's embrace of the industry. 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 earlier this week. Several other crypto firms, including OKX, Grayscale, and Kraken, have either hinted at or initiated plans to go public.
In the past Gemini have faced charges from the US SEC, notably in 2023 due to selling unregistered securities to retail investors. However the SEC dropped those charges earlier this year, and Gemini agreed to pay $5 million to end a Commodity Futures Trading Commission lawsuit back in January of this year. The lawsuit had alleged Gemini misled the regulator when trying to launch the first US-regulated Bitcoin futures contract.
Have a great day.
Peace. CryptoGod-1.
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