Winklevoss-driven ExchangeGemini file for IPO in Crypto Boom
The open market for crypto companies is intensifying. On the heels of the circle Monster debut On the New York Stock Exchange, another company is tracking the measures, and Gemini announced on Friday that it had filed confidentiality for its first public offering.
Founded in 2014 by Winklevoss Twins, Cameron and Tyler, Gemini is one of the longest-running US crypto companies, Coinbase. Gemini’s main product is Exchange, allowing users to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, but offers other services such as custody and staking.
Like other crypto companies, Gemini endured rocky relationships with regulators. Particularly after a failed partnership with the crypto conglomerate digital currency group; Messy A series of lawsuits and Enforcement measures from state and federal agencies.
Despite the hiccups, Gemini aims to ride the wave of investor interest in crypto, driven by the Trump administration’s sector embrace. Winclevos twins are straightforward supporters of Trump’s second-term bids, each individually Donation $1 million in Bitcoin for his campaign. They appeared in the White House during Trump host The first crypto summit was in March.
in press releaseA Gemini spokesperson said the IPO would occur after the Securities and Exchange Commission conducted a review.
Bitcoin too
Winklevoss Twins, famous for his spat with Mark Zuckerberg at the founding of Facebook, plotted his next act in cryptocurrency and accepted Bitcoin before becoming a popular asset class. They founded Gemini shortly after Coinbase came to the market, earning one of the first cryptographic licenses granted by the New York Financial Services Agency in 2015.
Despite the company’s early initiator status, it struggled to gain the best market retention amidst regulatory obstacles. I had twins from Winklevoss beginning I had set up a Gemini in 2013, so this bid was not approved to apply for a Bitcoin ETF with the SEC. And during the 2021 crypto boom, the decision to create an investment vehicle called Gemini Earn with DCG proved to be miserable.
Through the products, Gemini users can lend cryptocurrency to the company to earn up to 13% profit. On the backend, Gemini lends assets to DCG and lends them to other companies, such as the hedge fund’s three-arrow Capital and Sambankman Freedi’s FTX. After many of these companies got mad in 2022, their assets were frozen, leading to bankruptcy of DCG’s lending division, Genesis, and ugly legal disputes between Gemini and DCG.
The companies ultimately returned capital to Gemini users, but this episode still led to enforcement action from the SEC. New York Financial Services Bureau and New York Attorney General.
In the wake of regulatory crackdowns, the Winklevos Twins supported Trump’s crypto-friendly campaign. In addition to appearing at the White House Digital Assets Summit, CNBC reported that the Wincrevos Twins are establishing members of the new private membership club in Washington, DC, which was founded by Donald Trump Jr.
The publication of Gemini’s IPO submission will come one day after the circle’s open market debut. pop Over 168%.
This story was originally introduced Fortune.com