Gemini is exploring a potential initial public offering (IPO) as soon as this year, Bloomberg News reported, citing people familiar with the matter.
Sources told the newswire that the exchange is discussing a public listing with potential advisers, but no final decision has been made. Gemini did not immediately respond to requests for comment.
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.
According to Federal Election Commission filings, the Winklevoss twins, Cameron and Tyler, recently donated Bitcoin (BTC) in excess of the maximum allowed amount to Trump’s campaign, with the surplus refunded.
According to the report, other crypto companies are also considering IPOs. Bullish Global, a digital asset exchange backed by billionaire investor Peter Thiel, is exploring a public listing as soon as this year.
Regulatory shifts
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. The lawsuit 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, joining other crypto firms like Bybit, Binance, and Paxos that have cited regulatory challenges in the country.
At the same time, the exchange secured a license in Singapore to offer cross-border money transfers and digital payment token services, aligning with the country’s pro-crypto stance.
Other firms, including OKX, Upbit, Ripple, and Coinbase, have expanded in Singapore amid regulatory tightening in different regions.
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“Thanks for sharing such valuable information!”