Gemini, Winklevoss Twins’ Crypto Exchange, Files for IPO in the US
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, famously known as the “Facebook twins,” has confidentially filed for an Initial Public Offering (IPO) in the United States. The announcement, made this Friday, marks a significant step for one of the oldest players in the crypto market, established in 2015.
This news arrives in the same week that Circle, the issuer of the USDC stablecoin, debuted on the New York Stock Exchange, with its shares experiencing a surge of 277%. The Gemini IPO filing underscores the growing strength of the cryptocurrency market.
Before this, only Coinbase’s shares were traded on US stock exchanges. The number of shares to be issued and the price range have not yet been determined, leaving the target market value unknown.
In a statement, Gemini Space Station, Inc. announced that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) regarding the proposed IPO of its Class A common stock.
According to CoinMarketCap data, the Winklevoss twins’ exchange records a trading volume of $341 million in the last 24 hours. Bitcoin transactions account for over half of this total, including those against the Gemini USD (GUSD) stablecoin, issued by the twins themselves.
Gemini’s wallets hold $6.88 billion in Bitcoin, representing 79.8% of its clients’ assets. This highlights the exchange’s focus on the leading cryptocurrency.
Gemini was also the first to file for a Bitcoin ETF in the US back in 2017, but the SEC rejected its application. More recently, the exchange was involved in a scandal related to Genesis, of the Digital Currency Group (DCG), which temporarily halted withdrawals from the ‘Earn’ program. Fortunately, the issue has been resolved.
The Winklevoss twins also donated $10 million in Bitcoin to Donald Trump’s presidential campaign. At the time, Tyler and Cameron criticized the Biden administration, calling for change.
Stay ahead of the curve in the fast-paced crypto world – explore the latest updates and trends at Cryptonewsfeeds.com.
