Gemini Files Confidential IPO as Crypto Firms Race to Go Public

Crypto exchange and custodian Gemini, founded by billionaires Cameron and Tyler Winklevoss, has confidentially filed for an initial public offering (IPO), according to Bloomberg. The firm is working with Goldman Sachs and Citigroup, though a final decision on the listing has yet to be made.

The potential IPO follows the U.S. Securities and Exchange Commission (SEC) dropping its investigation into Gemini without action, as Cameron Winklevoss confirmed in February. The company also settled a $5 million lawsuit with the Commodity Futures Trading Commission (CFTC) in January.

Gemini is among several crypto firms preparing for U.S. public listings amid shifting regulatory dynamics. Kraken, another major exchange, is reportedly considering an IPO by early 2026. Circle, Bullish (parent company of CoinDesk), and Blockchain.com are also eyeing U.S. stock market debuts.

This wave of IPOs follows a shift in the SEC’s stance, which has eased enforcement actions in the early months of the Trump administration. With increasing institutional interest and regulatory clarity, crypto firms are seizing the opportunity to enter public markets.

A Gemini IPO would mark a significant milestone for the crypto industry, signaling growing mainstream acceptance of digital asset companies in traditional finance. As competition heats up, investors are closely watching which firms will be next to tap into public capital markets.