Winklevoss Brothers’ Gemini Exchange Submits IPO Application to SEC
The cryptocurrency exchange Gemini, founded by the Winklevoss brothers, submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC) on the 6th. This move follows the successful listing of Circle, highlighting the growing trend of cryptocurrency companies seeking to go public in the United States.
(Background: “The First Year of Crypto IPOs” – Amber Group Debuts on Nasdaq, Over 10 Companies Awaiting IPO (Kraken, Gemini…))
(Context: Following Gary Gensler’s departure from the SEC to return to teaching at MIT, Gemini has stated it will no longer hire MIT graduates.)
In its statement on the 6th, Gemini indicated that the number of shares and the pricing range for the proposed Class A common stock IPO have yet to be determined. The specific timeline for the IPO will depend on the completion of the SEC’s review process and other market conditions.
Background of Gemini’s IPO
Gemini’s actions closely follow those of Circle, the stablecoin issuer, which submitted its IPO application in April and began trading this week. Additionally, according to The Block, cryptocurrency exchange Kraken is also reported to be preparing to submit an IPO application.
Since Donald Trump took office as President, the cryptocurrency industry has experienced a more favorable regulatory environment. Trump has publicly expressed his desire to make the U.S. the “capital of cryptocurrency” and has appointed officials with a friendly attitude towards cryptocurrency to federal agencies like the SEC.
It is noteworthy that the Winklevoss brothers are supporters of President Trump and had previously donated millions of dollars in Bitcoin to his campaign.
Previously, in 2023, the SEC had sued Gemini over its Earn program, accusing it of offering unregistered securities trading services. By April 2025, the SEC and Gemini jointly filed a motion seeking a “potential resolution,” with the lawsuit expected to result in either a dismissal or a settlement.
Financial Magnates reported that Gemini’s preparations for the IPO include addressing key legal issues, such as concluding the SEC’s investigation into the “Earn” lending program and reaching a settlement with the Commodity Futures Trading Commission (CFTC) regarding penalties.
Shifts in Regulatory Environment
U.S. crypto lawyers analyze that current proposed legislation in Congress aims to establish a shared regulatory framework between the CFTC and SEC, potentially granting the CFTC jurisdiction over spot trading of digital commodities, thereby expanding the CFTC’s role in the cryptocurrency market.
Furthermore, U.S. legislation regarding stablecoins is nearing its final stages, which may encourage greater institutional adoption and impact the valuations of companies like Circle that benefit from favorable regulatory conditions.
