tl;dr
Gemini, owned by the Winklevoss twins, is reportedly considering an initial public offering (IPO) as early as this year. The potential move comes as more crypto firms are expected to pursue IPOs due to the pro-crypto stance of the Trump administration. This development follows Gemini's settlement of...
Gemini, owned by the Winklevoss twins, is reportedly considering an initial public offering (IPO) as early as this year. The potential move comes as more crypto firms are expected to pursue IPOs due to the pro-crypto stance of the Trump administration.
This development follows Gemini's settlement of a $5 million fine with the CFTC and its decision to exit the Canadian market due to regulatory challenges. However, the exchange has obtained a license in Singapore to offer cross-border money transfers and digital payment token services, aligning with the country's supportive stance on crypto. Other crypto companies, including Bullish Global, are also exploring public listings amidst regulatory shifts.
According to Bloomberg News, sources familiar with the matter revealed that Gemini is discussing a public listing with potential advisers, but no final decision has been made. Bloomberg ETF analyst James Seyffart said more crypto firms are likely to pursue IPOs in the next couple of years due to President Donald Trump’s administration, which has signaled a pro-crypto agenda. The Winklevoss twins recently donated Bitcoin (BTC) in excess of the maximum allowed amount to Trump’s campaign, with the surplus refunded.
Bullish Global, a digital asset exchange backed by billionaire investor Peter Thiel, is also exploring a public listing as soon as this year. The IPO rumors come amid the exchange’s efforts to reposition its business after the conclusion of multiple-year-long regulatory and legal challenges.
On Jan. 7, the exchange co-founders agreed to pay a $5 million fine to settle a Commodity Futures Trading Commission (CFTC) lawsuit, which accused the crypto exchange of misleading regulators in its bid to launch the first US-regulated Bitcoin futures contract. Additionally, Gemini recently announced it will exit the Canadian market due to regulatory challenges but secured a license in Singapore to offer cross-border money transfers and digital payment token services.
Other firms, including OKX, Upbit, Ripple, and Coinbase, have expanded in Singapore amid regulatory tightening in different regions.