Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) with assistance from Goldman Sachs and Citigroup, Bloomberg reported on March 7, 2025.
Report: Winklevoss Twins’ Gemini Moves Toward IPO With Confidential Filing
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Major Banks Reportedly Back Gemini’s Bid to Go Public: Confidential Filing
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) with assistance from Goldman Sachs and Citigroup, Bloomberg’s Vildana Hajric and Olga Kharif reported March 7, 2025.
Launched in 2014, Gemini has grown into a major crypto platform with over $8 billion in assets under custody and $170 million in daily trading volume. The New York-based company, known for regulatory compliance, is registered with the NYDFS and offers insured custody services for institutional clients.
An IPO allows private companies to raise capital by offering shares publicly. Gemini’s confidential filing keeps details like valuation and listing timeline private until closer to the offering. Goldman Sachs and Citigroup will reportedly serve as underwriters, structuring the deal and navigating regulatory requirements.
The move follows a wave of crypto firms entering public markets. Coinbase completed a landmark IPO in 2021, while Bakkt went public via SPAC the same year. In 2025, Etoro and Bullish Global are also pursuing listings, signaling growing institutional acceptance despite regulatory scrutiny.
Gemini recently settled a $5 million CFTC lawsuit and a $37 million NYDFS fine tied to its defunct Gemini Earn program. These resolutions may ease regulatory hurdles ahead of its IPO. The company has highlighted optimism under a pro- crypto administration, per several statements and social media posts.
If successful, Gemini’s IPO would mark another initial public offering milestone for crypto’s integration into traditional finance (TradFi), though market volatility and evolving regulations remain risks. Bloomberg first reported the confidential filing, which industry observers expect to advance in 2025.
