Gemini Explores 2025 IPO Amidst Regulatory Hurdles and Global Expansion

Gemini, a cryptocurrency exchange led by the Winklevoss twins, is exploring the possibility of a public listing, according to sources familiar with the matter. The exchange, which processes around $170 million in daily trading volume and holds $8.15 billion in assets, has begun discussions with potential advisers about the public listing process, with a potential IPO targeted for 2025.

The New York-based company has recently resolved a major regulatory hurdle by settling a lawsuit with the Commodity Futures Trading Commission (CFTC) for $5 million. The case involved allegations that Gemini had provided misleading information during its attempt to launch the first U.S.-regulated Bitcoin futures contract. This settlement comes as the company continues to navigate the complex regulatory landscape of the cryptocurrency industry.

In recent months, Gemini has made strategic moves in various international markets. The company obtained a license in Singapore, allowing it to offer cross-border money transfers and digital payment token services. This expansion comes as Singapore positions itself as a crypto-friendly jurisdiction in the Asia-Pacific region. However, the exchange has also scaled back operations in certain regions, announcing its withdrawal from the Canadian market amid regulatory shifts.

The potential IPO comes during a period of increased activity in the cryptocurrency sector. Other companies, such as Bullish Global, a digital asset exchange backed by investor Peter Thiel, are also exploring public listings. Bloomberg ETF analyst James Seyffart has suggested that more cryptocurrency companies may pursue IPOs in the coming years, particularly given the current political climate.

The Winklevoss twins, founders of Gemini, have recently made headlines for their political activities. Federal Election Commission filings revealed Bitcoin donations to Donald Trump’s campaign, with excess amounts refunded. Despite these political activities, Gemini’s daily operations continue to focus on providing cryptocurrency trading services to retail and institutional clients, offering trading in various digital assets and maintaining custody services for clients’ cryptocurrency holdings.

The company has not officially confirmed the IPO plans, and discussions are still in preliminary stages. The final decision about proceeding with a public listing has not been made, according to people familiar with the matter. Gemini operates in a competitive landscape alongside other major cryptocurrency platforms, with its position as the twenty-fourth largest exchange by trading volume placing it among the top tier of global cryptocurrency trading venues.

Gemini’s regulatory compliance