Winklevoss twins’ crypto firm Gemini confidentially files for IPO

Gemini Trust Co., the cryptocurrency exchange and custodian co-founded by Cameron and Tyler Winklevoss, has reportedly submitted a confidential filing for an initial public offering (IPO) in the United States, as per an announcement made on Friday. The specific details regarding the number of shares and pricing terms are still pending, with the company stating that the IPO is anticipated to take place following the completion of the SEC review process and subject to various market conditions. By choosing to file confidentially, Gemini can gauge investor interest and ready itself for a public debut without immediate scrutiny of its financials. This development comes after the SEC concluded its investigation into Gemini in February without recommending any enforcement action, and subsequent to a $5 million settlement with the Commodity Futures Trading Commission in January. Gemini is among the latest in a series of cryptocurrency firms pursuing public listings as the Trump administration advocates for more favorable regulations within the industry, a sector that significantly contributed to his campaign funds. Notable recent public listings include stablecoin issuer Circle, which experienced a successful market debut with its stock price surging in the initial two days, and Galaxy Digital, led by Mike Novogratz, which relocated its listing from Toronto to the Nasdaq the prior month. Established by the Winklevoss twins in 2014, Gemini appointed former Affirm executive Dan Chen as its Chief Financial Officer (CFO) in March, in preparation for its upcoming IPO. Chen expressed his enthusiasm for the role in a LinkedIn post, stating, “I’m excited to contribute to Gemini’s growth by guiding financial strategies as the company progresses to its next stage of development.”