Gemini Exchange Files for IPO with SEC

The cryptocurrency exchange Gemini has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) for an IPO.

The proposed initial offering of Class A shares will occur following the regulator’s review of the application. Gemini has not yet determined the number or price range of the shares to be offered.

The exchange’s move follows the IPO of Circle, which on June 5 raised $1.1 billion with a 25-fold oversubscription. The issuer of the USDC stablecoin was valued at $6.9 billion.

On the day of its debut on the New York Stock Exchange, shares under the ticker CRCL soared by 168%. By the end of the trading session on June 6, the firm’s stock added nearly 30%, reaching a market capitalization of $21.6 billion.

In the summer of 2024, Gemini founders Tyler and Cameron Winklevoss became major private sponsors of Donald Trump’s election campaign. The brothers donated $1 million each in Bitcoin to the politician’s fund.

In January 2023, the SEC under the previous administration accused Gemini of selling unregistered securities through its Earn program.

The exchange’s founders were staunch critics of the then-head of the agency, Gary Gensler, and called for his resignation. He left the post on January 20, 2025, the day of Trump’s inauguration.

In February, the Commission dropped the case against Gemini. Since the beginning of the year, the agency has taken similar steps regarding several crypto companies, including Coinbase, Robinhood, Ripple, Kraken, ConsenSys, Cumberland, Nova Labs, and Uniswap.

In March, Gemini hired former Affirm Vice President Dan Chen as Chief Financial Officer as part of its IPO preparations.

“I am thrilled to help Gemini scale by developing its financial strategy as the company enters its next phase of growth,” commented the manager at the time.

Earlier in the same month, media reported that the exchange had filed for a public offering with the SEC.