Gemini files for IPO

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Gemini Space Station plans to list on the Nasdaq Global Select Market and is looking to sell 16.67 million shares at $17 to $19 each, raising as much as $317 million.

Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss, best known for their legal tussle with Facebook founder Mark Zuckerberg, who they accused of stealing their social network idea.

The company posted a net loss of $282.5 million on $67.9 million in revenue for the six months ending 30 June.

The listing would make Gemini the third crypto exchange to go public, following Coinbase and Bullish, which saw its shares more than double on its Nyse debut in August.

In January, the firm was hit with a $5 million penalty by the CTFC for making “false and misleading statements” to the commission.

In February 2024, the firm returned $1.1 billion to customers who lost assets in Gemini’s failed partnership with Genesis.