Gemini Exchange Seeks SEC Approval for Confidential IPO Filing

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 upcoming initial public offering (IPO).

The expected public offering of Class A shares will take place following the regulator’s review of the application. As of now, Gemini has not disclosed the number of shares or the price range for the offering.

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

On its debut day on the New York Stock Exchange, shares under the ticker CRCL surged 168%. By the end of the trading session on June 6, the company’s stock had added nearly 30%, pushing its market capitalization to $21.6 billion.

In the summer of 2024, Gemini’s founders, Tyler and Cameron Winklevoss, emerged as prominent private sponsors of Donald Trump’s election campaign, donating $1 million each in Bitcoin to the politician’s fund.

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

The founders of the exchange were outspoken critics of then-SEC Chair Gary Gensler, calling for his resignation. Gensler left his post on January 20, 2025, coinciding with Trump’s inauguration.

In February, the Commission dropped its case against Gemini. This year, the agency has taken similar actions against several cryptocurrency companies, including Coinbase, Robinhood, Ripple, Kraken, ConsenSys, Cumberland, Nova Labs, and Uniswap.

In March, Gemini hired former Affirm vice president Dan Chen as its chief financial officer in preparation for the IPO.

«I am looking forward to helping Gemini scale by developing its financial strategy as the company enters its next phase of growth,» the manager commented at that time.

It is worth noting that in the same month, media outlets reported that the exchange had filed for a public offering with the SEC.