Nasdaq to Invest $50 Million in Gemini IPO
Gemini announced that Nasdaq will invest up to $50 million in its upcoming initial public offering (IPO). The crypto exchange revealed this in an updated S-1 filing with the US Securities and Exchange Commission (SEC) on Tuesday.
Nasdaq will buy 2,939,447 shares of Gemini’s Class A common stock. The purchase price is expected to be $18 per share, matching the IPO price. This investment will happen through a private placement before Gemini goes public.
Gemini and Nasdaq Partnership Benefits Clients
Gemini’s institutional clients will be able to use Nasdaq’s Calypso platform. This platform helps manage collateral and monitor trades. In return, Nasdaq’s clients will get access to Gemini’s custody and staking services, according to a Reuters report.
Gemini’s IPO Details and Market Plans
- Gemini plans to sell 16,666,667 shares of Class A common stock.
- Underwriters have a 30-day option to buy an extra 2,500,000 shares.
- Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald, and Evercore Group are the underwriters.
- The shares are expected to be priced between $17 and $19 each.
- The IPO could raise over $300 million.
- Gemini will list on Nasdaq under the ticker symbol GEMI on Friday.
This move adds Gemini to a growing list of crypto companies going public this year. Others include stablecoin issuer Circle (CRCL) and crypto exchange Bullish (BLSH).
