Gemini Targets $2.2B IPO

Galaxy just announced that they are tokenizing their common stock on a major public blockchain, letting existing GLXY holders convert into on-chain shares on Solana via Superstate (its SEC-registered transfer agent). Unlike most tokenized stocks, these tokens are actual Galaxy Class A common stock with full legal and economic rights, not offshore “wrapped” synthetics, which usually operate outside SEC's jurisdiction. Put simply, if you hold the token, you own common equity in Galaxy, the same as if you bought our stock through in your traditional brokerage account. No publicly traded company has ever done this before in the U.S. Read more →

The numbers are out. Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, filed an S-1 for its IPO with a 16.7 million share offering. The firm is pricing shares between $17 and $19 each, aiming to raise up to around $317 million, targeting a valuation of up to $2.22 billion – well below its $7.1 billion private valuation in 2021, and roughly half the valuation of Bullish’s $5.4 billion pre-IPO valuation last month. The company has some financial challenges ahead after reporting a loss of $158.5 million in 2024 and already a loss of $282.5 million in the first six months of this year. Read more →

Yesterday, in a rare show of unity, the SEC and CFTC issued a joint staff statement clarifying that registered U.S. venues can list and trade certain spot crypto commodity products – including offerings with margin or financing – so long as existing transparency and investor-protection standards are met. TLDR? It’s the clearest green light yet for regulated spot trading in the U.S. After years of tension and regulatory uncertainty, the SEC and CFTC are signaling that they’re now aligned and open to a collaborative relationship with the crypto industry. Read more →

📥️ Want to advertise in CoinSnacks? Learn More