- Gemini files for IPO with Goldman Sachs and Citigroup after SEC drops investigation.
- The SEC ended its probe into Gemini’s Earn program, clearing a key hurdle for its IPO.
- Gemini’s IPO plan aligns with a surge in crypto firms going public amid shifting regulations.
Gemini, the cryptocurrency exchange backed by the twins Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO). The company, known for providing crypto trading and custodial services, recently started collaborating with major financial institutions, including Goldman Sachs and Citigroup, to manage the offering.
According to sources, Gemini’s IPO process may start this year, although the company has not made a definitive decision. Gemini aims to list publicly after the U.S. Securities and Exchange Commission (SEC) finishes investigating its business operations.
SEC Investigation Closure Paves the Way for IPO
The SEC conducted its investigation against Gemini, which focused on its “Earn” program, enabling users to lend cryptocurrency assets in exchange for interest. The regulatory body began investigating this program due to its potential unregistered securities violation, which occurred during the inquiry nearly two years ago. The SEC decided to end their Gemini investigation without taking any enforcement steps, which benefitted the company.
This regulatory development appears critical for Gemini’s future IPO plans because it eliminates an important regulatory concern. Gemini settled with the Commodity Futures Trading Commission (CFTC) by paying $5 million, which led to the conclusion of their regulatory investigation.
After the investigation closed, Gemini faced additional regulatory hurdles, such as recent crypto industry scrutiny which may have affected its operations. Despite regulatory uncertainties, the company is committed to following regulatory requirements, which might boost potential investor trust as it considers going public.
Related: Gemini Gets Malta Approval for EU Crypto Derivatives Expansion
Growing Interest in Crypto IPOs Amid Favorable Policies
The possibility of Gemini’s IPO aligns with a broader trend of cryptocurrency companies preparing for public market listings. Under the Trump administration and recent changes in U.S. regulations, more cryptocurrency companies are planning to issue IPOs. Multiple cryptocurrency firms, such as Kraken and eToro, plan to go public with their listing plans set for the coming years.
According to its roadmap, Kraken intends to launch its public debut during the first quarter of 2026, and eToro plans for a U.S. IPO in the middle of 2025. The companies are actively preparing for better opportunities in the digital asset sector because they are assessing current market conditions. The Winklevoss twins serve as strong advocates for cryptocurrency since they promote the recognition of crypto as a genuine asset class. The industry has recognized the Winklevoss twins through their Bitcoin investments and foundational work in Gemini which enabled the creation of a safe, secure exchange.
The White House Digital Assets Summit received attendance from the twins and additional crypto executives, demonstrating persistent participation with political authorities. A potential Gemini IPO would be a crucial milestone for industry advancement since crypto IPOs gain momentum and authorities show increased backing.
