Quick overview

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Gemini plans to issue roughly 16.7 million of its Class A common shares, according to a Form S-1 filing made with the SEC on Tuesday. The company, founded by Cameron and Tyler Winklevoss, announced that it would list on the NASDAQ under the ticker symbol GEMI.

Cantor Fitzgerald, Citigroup, Morgan Stanley, and Goldman Sachs are serving as the deal’s primary bookrunners.

Bookrunners for the transaction will include Evercore ISI, Mizuho, Truist Securities, Cohen and Company Capital Markets, Keefe, and Bruyette & Woods, among other financial institutions.

Gemini stated that the offering is subject to market and other conditions, and that it cannot guarantee the precise size or terms of the sale; however, it did not specify when it is expected to end

Bookrunners were given a 30-day window from the filing date on Tuesday to buy up to an extra 2,396,348 and 103,652 shares of Class A common stock at the IPO price, according to the company and its selling shareholders. Gemini anticipates that its stock will be sold.

Circle, Coinbase, eToro, and Gemini hope to become one of the many publicly traded cryptocurrency companies in the United States. After declaring that it had secretly submitted an IPO application to the SEC, the company confirmed a public listing in June. However, after Gemini announced plans to list on the NASDAQ, additional information about the IPO was made public in August.

The recent surge in cryptocurrency initial public offerings (IPOs) has occurred after a significant change in the regulatory environment surrounding digital assets since President Donald Trump’s return to office. Following a change in the agency’s leadership, the SEC withdrew a Wells notice from several cryptocurrency companies, including Gemini.