Gemini, the Winklevoss twins’ cryptocurrency exchange and custodian, discreetly started a process to sell shares to the public for the first time.
Winkelvoss Twins’ Gemini Plans Potential IPO for End of June
10 June 2025 - 17:00 CEST
The company has used the US Securities and Exchange Commission’s (SEC) confidential IPO (initial public offering) filing process designed to help Emerging Growth Companies – those with under $1.07 billion in annual revenue. The process delays the public disclosure of commercial and financial information during the SEC’s review.
Gemini is not giving away any more information than it must.
“The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined,” the company said in a statement. “The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”
Multiple IPOs
The news comes on the back of the blockbuster success of the 5 June IPO of Circle, the company that issues the stablecoin USDC. Circle’s shares performed well, starting at $31 against the initial forecasts of $27-28. They then took off, reaching $107 by the market close the following day.
That stellar performance provides clear evidence of stock market appetite for crypto players. However, another industry heavyweight has tried to put an end to speculation that it too could list. Paolo Ardoino, CEO of Tether, posted on X at the weekend: “No need to go public”.
This suggests that Tether does not need funding from public shareholders to meets its ambitions, and the El Salvador-based company does not want to be subject to a stock exchange’s transparency regulations.
Good timing
The timing is good for Gemini. The SEC ended its two-year investigation into whether Gemini’s Earn programme involved offering unregistered securities without taking any enforcement action. Gemini has also reached a $5 million settlement with the Commodity Futures Trading Commission (CFTC) over a self-certification referring to Bitcoin pricing, which dated back to 2017.
The rules say the SEC now has three weeks to examine the Gemini IPO details before the road show can start.
