Gemini Sets Sights On Public Offering In IPO Talks

Cryptocurrency firm Gemini is speaking with possible advisors about a listing to try for an initial public offering. Sources close to the matter said Gemini is thinking about an IPO as soon as this year.

The company is supported by Cameron and Tyler Winklevoss, the twins known for their legal fight with Facebook founder Mark Zuckerberg. They said he took their idea for a social network

Gemini Agreed To Pay $5 Million To Settle A Case With The U.S. Commodities Regulator

Last month, Gemini agreed to pay $5 million to settle a case with the United States commodities regulator. The case was about whether Gemini shared wrong or unclear details when it tried to launch a Bitcoin futures contract in 2017. Gemini settled without saying it was guilty or innocent in the case.

The platform also gave back around $1.1 billion to people who used the Gemini Earn Program. The money was returned through the Genesis Global Capital bankruptcy case. Gemini also paid a $37 million fine for not following some rules that could have put the company at risk.

In January 2021, the Winklevoss brothers said they were watching the market and thinking about whether a public listing would be right for the firm. They said they were open to it.

Gemini had also looked into joining with Digital Currency Group, a company led by Barry Silbert. Silbert said the plan could have helped the firm compete with Coinbase and FTX, but the Winklevoss twins later stepped away from the idea. Digital Currency Group later went bankrupt in late 2022. Silbert said the two companies could have become the biggest cryptocurrency custodians, but the plan did not go forward.

News of Gemini’s possible public listing comes as Bitwise, a crypto asset manager said at least five crypto firms could go public in 2025. Bitwise named Figure, Circle, and Kraken as possible companies that may list shares, according to a report in December.

Bullish Also Plans To Go Public After Canceling A 2021 Merger Plan

Gemini’s reported plan also follows a promise by President Donald Trump to support artificial intelligence and cryptocurrency in the United States. He said he wants the country to be the leader in both areas. At the same time, regulators like Hester Peirce and Mark Uyeda at the Securities and Exchange Commission are working to set clearer rules for crypto businesses.

The news also comes after crypto exchange Bullish shared plans to go public. Bullish had earlier cancelled a plan to list through a merger in 2021. Outside of Bitcoin mining, not many crypto firms have been able to go public since Coinbase’s direct listing in April 2021. Stablecoin company Circle also cancelled its plan to list through a merger but is now looking at the idea again.