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Crypto Exchanges Push IPOs Amid Losses in Pro-US Climate
Despite losses and a challenging regulatory environment, crypto exchanges are aggressively pursuing initial public offerings (IPOs) amid the current pro-US climate. This sudden surge in listings is linked to growing trust in US laws and institutions, fueled by President Trump’s return to the White House in January.
Gemini filed for an IPO on Friday to raise funds and repay debt, while moving users to a new Florida-based entity called Moonbase. The move marks a strategic shift in Gemini’s operations, as the company will continue trading and custody services from its New York headquarters. Meanwhile, Bullish and Circle have already gone public, with their shares more than tripling from their initial offerings.
The crypto exchange founded by Cameron and Tyler Winklevoss plans to list on the Nasdaq under the ticker GEMI. The exact number of shares, price range, and timeline for the IPO remain undisclosed at this time.
Industry insiders emphasize that Gemini’s shift towards a Florida-based entity called Moonbase is a tactical move aimed at circumventing New York’s stringent BitLicense rules. In addition to listing out the number of shares, price range, and timeline, Gemini plans to utilize proceeds from the IPO for general corporate purposes and debt repayment.
Goldman Sachs, Morgan Stanley, and Citigroup will serve as underwriters for the IPO, while Academy Securities and AmeriVet Securities will act as joint bookrunners.
Source: cryptotale.org
