- Gemini Space Station Inc. has filed confidential paperwork for an initial public offering (IPO).
- The company previously secured a $7.1 billion valuation after a $400 million funding round.
- Gemini operates a major cryptocurrency exchange and offers products like stablecoins and credit cards.
- Regulatory issues regarding its former lending service, Gemini Earn, have recently been resolved.
- The decision to pursue an IPO follows the successful public debut of stablecoin issuer Circle Internet Group Inc.
Gemini Space Station Inc., a prominent cryptocurrency exchange operator, has confidentially submitted a draft registration statement for a proposed initial public offering. The company’s decision comes roughly four months after speculation began about a public listing.
The confidential filing does not disclose the number of shares to be offered or the target price. Gemini was last valued at $7.1 billion after raising $400 million. According to reports, the company engaged Goldman Sachs Group Inc. and Citigroup Inc. to manage the IPO process.
Founded in 2014 by Tyler and Cameron Winklevoss, Gemini operates an exchange supporting trading for over 70 types of cryptocurrencies, as well as crypto derivatives—financial products that derive their value from digital currencies. The platform also offers the internally developed Gemini dollar stablecoin, which is pegged to the U.S. dollar and built on the Ethereum blockchain, allowing automated transactions through smart contracts.
Additional Gemini offerings include a credit card that provides cryptocurrency rewards and an application called ActiveTrader for portfolio management. The company previously ran a lending program, Gemini Earn, which ceased operations when its partner became insolvent in 2023.
Following the shutdown of Gemini Earn, the U.S. Securities and Exchange Commission (SEC) launched an investigation, alleging that Gemini misrepresented the risk level of the service. The SEC ended its probe this year after Gemini returned $2.18 billion to users, as covered by CNBC. The company also resolved a separate U.S. Commodity Futures Trading Commission case with a $5 million settlement over statements about its futures market activities.
Industry observers noted that Gemini’s timing followed the IPO of Circle Internet Group Inc., which issues the USDC stablecoin. Circle raised nearly $1.1 billion by selling 34 million shares, with its stock rising more than 160% in its first day, according to reports.
Other product lines at Gemini include solutions for both retail and institutional crypto investors. Despite past regulatory challenges, the company continues to expand its range of financial technology services.
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