Gemini Exchange Files Confidential IPO Application with SEC

The cryptocurrency exchange Gemini has confidentially **submitted** a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) regarding a proposed **initial public offering (IPO)**.

The anticipated Class A stock offering will take place following the regulator’s review of the application. As of now, Gemini has not disclosed the number of shares or the pricing 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 oversubscription by 25 times. The issuer of the stablecoin **USDC** was valued at **$6.9 billion**.

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

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

In January 2023, during 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 and called for his **resignation**. Gensler **stepped down** on January 20, 2025, coinciding with Trump’s inauguration.

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

In March, Gemini hired former Affirm VP Dan Chen as its CFO in preparation for the IPO.

“I look forward to helping Gemini scale by developing a financial strategy as the company enters its next phase of growth,” the manager **commented** at the time.

It is worth noting that in the same month, media outlets **reported** that the exchange had submitted its application for a public stock offering to the SEC.