Cryptocurrency exchange Gemini has increased its IPO fundraising scale ahead of its listing on Friday, with a current target valuation exceeding $3 billion, indicating a growing interest from investors in crypto-related companies.
According to an updated prospectus submitted to the U.S. Securities and Exchange Commission on Tuesday, Gemini, founded by Cameron Winklevoss and Tyler Winklevoss, now plans to issue shares at a price of $24 to $26 each, up from the initial range of $17 to $19 per share.
The exchange will issue 16.67 million shares, consistent with previous plans. It aims to raise $433 million, higher than the $317 million target set when it first filed on September 2.
Gemini's expansion of its IPO scale comes as many crypto-related companies are going public this year. With the U.S. regulatory environment becoming more favorable, Wall Street is also actively supporting this market.
The company confirmed that Nasdaq will support its listing, with the latter planning a private placement of $50 million to purchase 2.11 million shares.
In the filing, Gemini disclosed that for the six months ending June 30, total revenue was $68.61 million, a decrease of $5.71 million compared to the same period last year. Meanwhile, net losses widened from $41.37 million in the same period last year to $282.47 million.
Gemini's trading volume has increased, with a total trading volume of $24.8 billion for the six months ending June 30, nearly a 50% increase from last year.
This year, investors have shown strong interest in crypto-related companies.
According to Google Finance data, stablecoin issuer Circle saw a 167% increase on its first day of trading on the New York Stock Exchange (NYSE). The stock briefly reached $298 during the day but closed at $118.10 on Tuesday.
Similarly, cryptocurrency exchange operator and media company Bullish closed up 218% on its first day of trading.
In May, Coinbase became the first cryptocurrency company to enter the S&P 500 index, which tracks the top 500 companies in the U.S.
Reports indicate that cryptocurrency exchange Kraken is seeking to raise $500 million at a valuation of $15 billion.
Related: Cboe plans to launch 10-year Bitcoin (BTC) and Ethereum (ETH) futures in the U.S.
Original article: “Gemini Raises IPO Fundraising Scale to $433 Million, Target Valuation Exceeds $3 Billion”
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