Gemini files for Nasdaq IPO, seeks about $435M at $24-$26 per share

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, moved this week to complete a long-anticipated initial public offering on Nasdaq, lining up the exchange both as the listing venue and as an investor amid heightened demand for crypto-related listings. The company filed an updated registration showing it will offer 16.67 million shares at a revised price range of $24 to $26 a share, preparing to begin trading as early as Friday under the ticker GEMI and raising roughly $430 million to $435 million at the top of the range for a valuation of about $3.1 billion to $3.2 billion.

The updated filing said Nasdaq has agreed to buy $50 million of Gemini shares in a private placement at the IPO price, an arrangement that company documents describe as extending beyond a simple capital commitment. Under the planned partnership, Nasdaq institutional clients would gain access to Gemini custody and staking services, while Gemini institutional users would be able to use elements of Nasdaq’s Calypso multiasset trading and risk management system, including collateral management tools to track and manage margin.

Gemini named Goldman Sachs, Citigroup, Morgan Stanley and...