Winklevoss Twins’ Gemini Confidentially Files For US IPO

The number of shares and pricing terms have yet to be finalized, with the IPO expected to launch after the SEC completes its review.

Gemini Space Station, Inc., the parent company of the crypto exchange Gemini, said Friday it had confidentially filed for a U.S. initial public offering.

Founded by billionaire twins Cameron and Tyler Winklevoss, the company disclosed that it submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (SEC), proposing to list its Class A common stock. 

The number of shares and pricing terms have yet to be finalized. The IPO is expected to launch after the SEC completes its review, subject to market conditions.

The IPO announcement comes after the U.S. Securities and Exchange Commission (SEC) ended its investigation into Gemini without taking action. The company also settled a separate Commodity Futures Trading Commission lawsuit in January for $5 million.

Gemini is the latest crypto firm to pursue a public listing following months of regulatory reprieve under President Donald Trump’s administration. 

The exchange appointed Dan Chen as its new chief financial officer (CFO) in March, who previously served as vice president of capital markets at Affirm. His hiring was seen as a key step in preparing for Gemini’s next growth stage.

A wave of digital asset companies is now moving toward U.S. listings. Stablecoin issuer Circle (CRCL) went public on Thursday in a strong debut on the New York Stock Exchange. After surging 168% on its first day of trading, Circle’s stock was up more than 43% on Friday.

Last month, online brokerage eToro (ETOR) saw its stock surge 29% on its first day of trading after raising nearly $310 million in its IPO.

Crypto-native Kraken and Bullish are also reportedly in talks to move forward with a public listing. 

The crypto market has shown strong recovery momentum of late. Bitcoin (BTC) has steadily been trading above $100,000 after hitting an all-time high of nearly $111,000 last month. 

Other cryptocurrencies, including Ethereum (ETH), Ripple's XRP (XRP), and Solana (SOL), have also experienced similar recoveries. 

On Friday, Bitcoin’s price was trading at around $104,600 after gaining 1.2% in the last 24 hours, according to CoinGecko data. The total crypto market capitalization stands at around $3.4 trillion.

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