Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has confidentially filed a draft registration statement with the SEC for an IPO following Circle's recent listing.
The move by Gemini signals a strategic step towards accessing traditional capital markets, although the size and valuation of the offering have not been disclosed.
Gemini's IPO efforts come after regulatory hurdles were cleared, including settling a lawsuit with the CFTC and hiring financial advisors like Goldman Sachs and Citigroup to court institutional investors.
The success of Gemini's IPO, which would depend on regulatory review and market conditions, could mark a milestone for the company and the broader crypto industry as they seek acceptance in the regulated financial sphere.