Winklevoss twins' crypto firm Gemini confidentially files for IPO

Gemini, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, has confidentially filed for an IPO in the U.S., according to a press release on Friday.
The number of shares and the pricing terms have not yet been decided upon, and the company said a listing "is expected to occur after the SEC completes its review process, subject to market and other conditions."
By filing confidentially, Gemini can test investor appetite and prepare for a public debut without immediate scrutiny of its financials. The announcement comes after the SEC wrapped up its investigation into Gemini in February without recommending enforcement action, and follows a $5 million settlement with the Commodity Futures Trading Commission in January.
Gemini is the latest crypto firm to pursue a public listing as President Donald Trump's administration pushes more favorable regulations for the industry, which heavily funded his campaign.
Stablecoin issuer Circle held a blockbuster debut this week, with its stock soaring in its first two days on the market. Mike Novogratz's Galaxy Digital moved its listing from Toronto to the Nasdaq last month.
Gemini, a cryptocurrency exchange and custodian, was founded by the Winklevoss twins in 2014. In March, the company named former Affirm executive Dan Chen as its CFO in preparation for a public offering.
"I'm looking forward to helping Gemini scale by driving financial strategy as the company enters its next phase of growth," Chen wrote in a post on LinkedIn at the time.

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