The air around crypto exchanges often feels charged, a mix of digital ambition and Wall Street tradition. Lately, that charge has been building into a hum, especially with some big names getting ready to make their public market debut. We just saw two of them, Gemini and Figure, make some interesting adjustments to their plans.
- Gemini has increased its IPO price range, aiming for a valuation over $3 billion and planning to raise up to $433.3 million.
- Nasdaq is investing $50 million in Gemini and will partner to offer crypto custody and staking services to Nasdaq’s clients.
- Figure Technology Solutions has also raised its IPO price range, potentially raising $693 million and valuing the company at approximately $4.7 billion.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, those brothers from Facebook lore, has decided to aim a bit higher. They’ve raised their proposed price range for their initial public offering in the U.S. This move now targets a valuation north of $3 billion.
An updated S-1 filing with the Securities and Exchange Commission, made public late Tuesday, shows a new anticipated IPO price. Shares of their Class A common stock will now likely fall between $24 and $26. That’s a noticeable bump from their earlier estimate of $17 to $19.
So, what does this mean for the money they hope to bring in? Gemini, whose legal name is Gemini Space Station, Inc., wants to raise up to $433.3 million. They plan to do this by selling 16,666,667 shares at the top end of that new price range.
If the underwriters decide to buy more shares, an option they often have, that number could stretch to 17,119,474 shares. With roughly 118.8 million total Class A and Class B shares expected to be out there after the offering, the firm’s valuation would sit right around $3.09 billion.
Now, here’s where things get really interesting. In an earlier filing on Tuesday, Gemini confirmed a significant agreement with Nasdaq. Nasdaq, the stock exchange giant, is set to buy $50 million of Gemini’s Class A common stock.
This isn’t just a casual investment. It’s a private placement, happening at a per share price equal to the IPO close, minus some underwriting fees. Gemini noted that based on a $25 per share IPO price (the midpoint of their new range), Nasdaq would purchase 2,116,402 shares.
But the partnership goes deeper than just an investment. Gemini also signed a term sheet with Nasdaq. This agreement aims to give Nasdaq’s clients, including listed companies and member firms, direct access to crypto custody and staking services through Gemini.
Think of it like this: traditional finance players, the ones who usually stick to stocks and bonds, will now have a clearer path into crypto. Gemini will share the fees generated from these services with Nasdaq. And Gemini will also resell Nasdaq’s Calypso collateral management solution to its own institutional customers.
It’s a two-way street, a handshake between the old guard and the new digital frontier. These final agreements are still pending, expected after the IPO. Gemini has promised to keep investors updated once all the details are buttoned up.
If all goes to plan, Gemini is aiming to make its debut on Nasdaq this Friday. You’ll find them trading under the ticker “GEMI.” This will make them the third publicly traded crypto exchange in the U.S., following in the footsteps of Coinbase and Bullish.
A Broader Wave of Crypto Public Offerings
Gemini isn’t alone in feeling the pull of the public markets. They join a growing list of crypto companies looking to go public. Names like BitGo, Grayscale, and Kraken are all on that list, along with Figure, which also made news this week.
We’ve seen some impressive debuts recently. Crypto platform Bullish, for example, saw its shares jump over 150% on its NYSE debut day just last month. And Circle, the company behind the USDC stablecoin, had what many called a blockbuster IPO launch earlier this year.
Figure Technology Solutions, a blockchain-based lending firm founded by Mike Cagney, also decided to adjust its IPO sights. In its own amended S-1 filing on Tuesday, Figure raised its estimated IPO price range. Shares are now expected to price between $20 and $22, up from $18 to $20.
Figure plans to offer approximately 26.6 million shares of its Class A common stock in the IPO. Existing stockholders will provide an additional 4.85 million shares. This brings the total offering to 31.5 million shares, an increase from the roughly 26.3 million shares planned previously.
At the top end of this new price range, Figure’s IPO could raise roughly $693 million. This would value the company at about $4.7 billion. That figure is based on approximately 211.7 million total Class A and Class B shares outstanding immediately after the offering, not counting any additional shares underwriters might purchase.
What does this flurry of activity tell us? It seems the appetite for crypto-related investments in the public market is quite strong. Companies are not just going public, they are finding demand that allows them to raise their price expectations.
It’s a fascinating time to watch these companies step onto the big stage. They bring with them the promise of a new financial system, now trying to fit into the established structures of traditional stock exchanges. How they navigate this blend will be a story worth following.
