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Gemini Hires Goldmans, Citi, Morgan Stanley and Cantor as Lead Bookrunners For its IPO
Crypto exchange Gemini filed an updated registration statement for its initial public offering effort, sharing a few more details in its push to become a publicly traded firm. Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor acting as lead bookrunners on the IPO, Gemini said in a press release Friday. Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are also acting as bookrunners, the company said. Academy Securities and AmeriVet Securities are acting as co-managers. The S-1 published on Friday follows a confidential filing submitted to the U.S. Securities and Exchange Commission back in June, and confirms "Gemini Space Station," co-founded by Cameron and Tyler Winklevoss, intends to sell an undisclosed number of Class A shares. Gemini's filing indicated that it had generated total revenue of $142.2 million in 2024, up from $98.1 million the prior year. For the six months ending on June 30, 2025, the total revenue was $68.6 million, down from $74.3 million in the first six months of 2024. Its net loss in 2024 stood at $158.6 million, compared to $319.7 million in 2023. That figure stood at $282.5 million for the first six months of 2025. Its earnings before interest, taxes, depreciation and amortization for 2024 stood at a loss of $13.2 million, and a loss of $113.5 million for the first half of 2025. Like other crypto firms, Gemini pointed to standard risks in the risk portion of the filing, including the general nature of blockchain networks and how banks and regulators view the industry. "Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks," the filing said. Gemini is only the latest crypto company to try and go public this year, following Circle (CRCL), eToro (ETOR) and CoinDesk parent company Bullish (BLSH). BitGo has filed for paperwork to go public as well. Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol in to access your portfolio
Business Insider
7 hours ago
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Why LVMH Stock (MC) Is Catching Wall Street's Attention
French luxury products company LVMH Moët Hennessy Louis Vuitton, or LVMH (FR:MC) (LVMUY), is drawing strong support from Wall Street as several analysts maintain their Buy ratings. The recent wave of bullish ratings came despite the company reporting a challenging Q2 for 2025. Year-to-date, MC stock has declined more than 25%, reflecting broader market pressures on the luxury sector. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. LVMH is a European fashion house known for its iconic luxury brands like Louis Vuitton, Sephora, Fendi, Bulgari, and more. The company is primarily listed on the Euronext Paris exchange but also trades over-the-counter (OTC) in the U.S. LVMH Q2 2025 Results Overview In Q2, LVMH's core fashion and leather goods segment saw a sharp drop in sales, falling 9% year-over-year. The decline was larger than analyst expectations and marked the steepest drop among all of LVMH's business segments. This reflected continued weak demand for luxury products amid rising prices and economic uncertainty. Overall, LVMH's net profit dropped 22% year-over-year in the first half, while operating profit fell 15%. Looking ahead, the company warned that a full recovery will take time as it faces an industry-wide slowdown, with softer demand from Chinese shoppers and ongoing uncertainty among U.S. consumers. Wall Street Analysts Stay Bullish Despite the lackluster results, analysts have maintained their buy ratings on MC stock. Four-star-rated analyst Luca Solca at Bernstein reiterated his Buy rating on MC stock at a price target of €600, implying more than a 30% growth rate. Sola stated that the recent results showed effective cost control despite weak demand. He added that focus will now shift to how the company tackles its challenges and the potential impact on its business in the second half of the year. Likewise, RBC Capital's analyst Piral Dadhania maintained his Buy rating. He noted that while LVMH's recent underperformance presents a 'fairly attractive' risk/reward, it is supported by an expected near-term boost in Fashion & Leather Goods from easier comparisons. Is LVMH Stock a Good Buy? Overall, MC stock has received a Moderate Buy rating on TipRanks, backed by a total of 19 recommendations from analysts. It includes 10 Buys and nine Holds assigned in the last three months. The LVMH share price target is €565.14, which is 20% higher than the current trading level.
Time Business News
11 hours ago
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On Cloud Shoes: The Future of Comfort and Performance for Mexico in 2025
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