Gemini plans IPO with Goldman Sachs, Citigroup backing
Gemini files for an IPO with Goldman and Citi
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has confidentially filed for an initial public offering (IPO).
According to Bloomberg News, the company is working with investment banking giants Goldman Sachs and Citigroup on a potential listing. While no final decision has been made, sources indicate that the IPO could take place later this year.
SEC investigation closure clears path for Gemini’s IPO
The timing of Gemini’s IPO filing coincides with the recent closure of a nearly two-year investigation by the U.S. Securities and Exchange Commission (SEC). The probe, which lasted 699 days, cost Gemini tens of millions in legal fees and created uncertainty around the company’s future. However, in February, Cameron Winklevoss shared an official SEC letter confirming that the agency would not recommend any enforcement action against Gemini.
Loading...
The investigation had intensified when the SEC issued a Wells Notice 277 days prior, signaling a potential lawsuit. However, the agency never explained its reasoning for dropping the case. Cameron Winklevoss publicly expressed frustration, accusing the SEC of "bullying and harassing" the crypto industry before abruptly withdrawing its claims.
Trump’s crypto summit signals a policy shift
Gemini’s IPO filing comes shortly after a landmark White House crypto summit attended by Cameron and Tyler Winklevoss, along with other crypto executives and policymakers, according to Cryptopolitan. The event marked a significant shift in the U.S. government’s stance on digital assets, with President Donald Trump expressing firm support for the industry.
One of the most notable announcements from the summit was Trump’s decision to create a U.S. Bitcoin national reserve, where the government would hold onto seized cryptocurrency assets. While some industry leaders viewed this move as a step toward mainstream adoption, others criticized it as merely symbolic, arguing that the government isn’t actively purchasing Bitcoin but simply retaining confiscated assets.
Mixed reactions to government’s crypto strategy
While some investors welcomed the idea of a national Bitcoin reserve, financial analysts remained skeptical. Jaret Seiberg, an analyst at TD Cowen, described the policy as a "compromise," emphasizing that the government is not actively investing in Bitcoin. Edwin Groshans of Compass Point echoed this sentiment, calling the move "meaningless" due to its lack of legislative backing and its potential to be overturned by future administrations.
A shift in SEC’s regulatory approach
The SEC’s decision to drop its case against Gemini is part of a broader trend of easing regulatory pressure on crypto firms. In recent weeks, the agency has also dropped charges against Coinbase and ended its investigation into Uniswap, signaling a deregulatory shift under Trump’s administration.
What’s next for Gemini?
With regulatory hurdles cleared, Gemini’s IPO could be one of the biggest public listings in the crypto industry. The exchange operates in multiple global markets, including New York, Singapore, London, and Dublin. In late 2024, Gemini expanded its services to France ahead of new EU crypto regulations.
If successful, the IPO would further strengthen Gemini’s position as a leading cryptocurrency exchange in a rapidly evolving industry.
