Winklevoss’ Gemini submits confidential IPO filing amid renewed investor confidence

Cryptocurrency exchange Gemini has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC),accordingto a June 6 press release.

Gemini filed a confidential draft registration statement on SEC Form S-1, which allows a company to file for IPO before publicly disclosing sensitive information. The filing comes amid renewed investor confidence as uncertainty due to trade wars has waned.

The number of shares to be offered and the price range per share have not been determined. No date was mentioned for when the IPO might occur.

Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, itannounceda fundraise of $400 million at a valuation of $7.1 billion. The exchange reportedlyhada headcount of around 1,000 employees in November 2022, although it would later lay off some employees during the crypto winter.

In January 2023, Geminiran afoul of the SEC for the exchange’s “Earn” program, which the agency alleged involved the selling of unregistered securities.

The Winklevoss twins were significant backers of US President Donald Trump’s election campaign,donating $1 million each. The donationswere later refunded for exceeding the upper limitfor contributions from individuals.

Related:Analysts say Trump presidency marks ‘a turning point’ in US crypto policy

IPO season heats up after Circle, CoreWeave performances

The race for initial public offerings has started to heat up after Circle’s successful IPO on June 5 and Coreweave’s skyrocketing share price following the company’s going public in March.

At close of the tradingon June 5, Circle’s share pricehad risen 167%. The oversubscribed round caught the attention of many, including BlackRock, which had beeneyeing a 10% stake, and Cathie Wood’s ARK Investment, considering buying $150 million worth of shares of the stablecoin issuer.

Circle’s stock price momentum continued on June 6, with its share price rising an additional 32.2% at this writing.

CoreWeave, which completed its initial public offering on March 28, has seen a share price increase of 158% in the past month,accordingto Google Finance.

Journeys in Blockchain: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup buzz to regulatory shifts. Gain valuable insights to navigate the market and spot financial opportunities. Delivered every Thursday

By subscribing, you agree to ourTerms of Services and Privacy Policy