Crypto Exchange Gemini Trust Has $7B Valuation After $400M Funding Round

Crypto exchange Gemini Trust is raising $400 million in a new funding round that would bring its valuation to over $7 billion, the company announced on Thursday.

• Morgan Creek Digital is leading the capital round, which also includes 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia, among others.
• “We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” Morgan Creek Digital General Partner Sachin Jaitly said in the announcement.
• Gemini, which was co-founded by Cameron and Tyler Winklevoss, could not be reached for comment at the time of publication, but in a tweet Thursday, Tyler Winklevoss wrote: “Today marks a new beginning for @Gemini. We have raised $400 million dollars at a $7 billion valuation.”

• Bloomberg first reported the story on Wednesday.
• Several crypto firms are taking advantage of current market conditions to raise money, including ConsenSys and (reportedly) OpenSea.
• ConsenSys is planning a massive expansion after it raised $200 million at a $3.2 billion valuation, the company said yesterday.
• Bitcoin hit a new all-time high price of over $68,000 just 10 days ago, while a quarter of global fund managers expect bitcoin to hit over $75,000 in 12 months, a November Bank of America survey found.

Read more: Winklevoss-Led Gemini Behind Bitcoin White Paper Excerpts on NYC Billboard

UPDATE (Nov. 11, 21:32 UTC): Adds Tyler Winklevoss tweet.

UPDATE (Nov. 11, 22:03 UTC): Adds investment firms and Morgan Creek Digital quote.