Cryptocurrency exchange Gemini has hired a new chief financial officer (CFO) as it prepares to hold an initial public offering (IPO).
The New York City-based company, which was founded and is run by twin brothers Cameron and Tyler Winklevoss, has hired Dan Chen as the company’s new CFO. Chen previously worked as vice-president of capital markets at buy now, pay later concern Affirm Holdings (AFRM).
On social media, Chen said he has been hired to help scale the crypto exchange that enables investors to trade everything from Bitcoin (BTC) to Dogecoin (DOGE). The hiring of a new CFO comes amid speculation that Gemini is preparing to go public through an IPO, which would provide the crypto exchange with greater access to capital.
Upcoming IPO?
An IPO has not been announced by Gemini and no date has been set for the company’s public debut on a U.S. stock exchange. However, Gemini would be one of many crypto companies to go public in the U.S. this year or next. Other crypto firms said to be considering an IPO include Kraken, Circle, Bullish and Blockchain.com.
New Gemini CFO Chen is said to have extensive experience in financial strategy and preparing companies to go public, which comes with financial disclosure requirements. The Winklevoss brothers are known for their involvement in founding Facebook at Harvard College. The twins took a $65 million settlement they received from Facebook and used it to buy Bitcoin early on and found the Gemini crypto exchange.
Is AFRM Stock a Buy?
The stock of Gemini is not yet publicly traded. So instead, we’ll look at the stock of Affirm Holdings, which is where Dan Chen worked previously. AFRM stock currently has a consensus Moderate Buy rating among 17 Wall Street analysts. That rating is based on 11 Buy and six Hold recommendations assigned in the past three months. The average AFRM price target of $74.08 implies 68.56% upside from current levels.
Read more analyst ratings on AFRM stock
Questions or Comments about the article? Write to editor@tipranks.com