Crypto exchange Gemini has increased the price of its initial public offering before its debut on Friday. The company now hopes to be worth more than $3 billion, showing that investors are very interested in crypto businesses.
The company filed an updated plan with the Securities and Exchange Commission on Tuesday, stating that Gemini will sell its stock for between $24 and $26 per share. This is higher than the first plan, which had a range of $17 to $19 per share. Gemini will sell about 16.67 million shares, the same as before. The company hopes to raise $433 million, up from the first goal of $317 million.
Nasdaq is supporting Gemini’s IPO. It will buy 2.11 million shares in a private deal worth $50 million. This backing gives the company extra support as it enters public markets and sells shares to other investors.
Company Performance Shows Mixed Results
For the first six months of this year, ending June 30, Gemini made $68.61 million in revenue. This is $5.71 million less than the same period last year. At the same time, the company had a net loss of $282.47 million, much higher than the $41.37 million loss last year. The bigger loss shows the company is spending more money to grow its business.
Even with the losses, Gemini saw a big increase in trading activity. The total trading volume on its exchange reached $24.8 billion for the first half of the year, almost 50 percent higher than last year. This shows more people are using Gemini to trade crypto.
Crypto Market Interest Remains Strong
Gemini was founded by Cameron and Tyler Winklevoss. The company is known for being careful and following rules. It focuses on keeping customers’ money safe and being a reliable platform for trading digital currencies.
Meanwhile, interest from crypto companies is growing. For example, Circle, a company that makes stablecoins, started trading on the New York Stock Exchange this year. Its stock went up 167 percent at first but later closed at $118.10 per share. Bullish, a crypto exchange and media company, saw its shares rise 218 percent on the first day.
Coinbase also joined the S&P 500 index in May, showing that crypto companies are gaining recognition in traditional markets. Kraken, another crypto exchange, is looking to raise $500 million at a $15 billion valuation, showing that investors continue to be interested in crypto businesses.
Also Read: Cboe to Launch Continuous Bitcoin and Ether Futures in U.S.
