Cryptocurrency firm Gemini is now looking for a $3 billion valuation after increasing its price range to $24 to $26 on Tuesday for its IPO. With the current offering, it will be raising $433 million, as per a Reuters report.
The company initially filed an S1 registration with the SEC on September 2, targeting a price range of $17-$19 per share, offering 16.6 million shares for the IPO.
In the filing, allocations were made for underwriters to purchase additional shares of the company’s Class A common stock. The underwriters can exercise the option within 30 days of the filing date.
“We and the selling stockholders identified in this prospectus have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional 2,396,348 and 103,652 shares of Class A common stock, respectively,” stated the filing.
The update reflects a new trend of cryptocurrency firms going public as digital asset firms turn to public markets to fuel their efforts in expansion. If Gemini’s IPO is successful, it will join crypto firms such as Bullish, Coinbase, Mara Holdings, and Riot Platforms, all of which trade publicly.
The key underwriters leading the IPO will be Goldman Sachs & Co and Citigroup.
Gemini also secured Nasdaq as an investor, as part of an agreement that will see the exchange’s clients get access to Gemini’s custody and staking services.
The crypto company was founded in 2014 by the Winklevoss brothers.