Gemini, the crypto exchange owned by Cameron and Tyler Winklevoss, has filed confidentially for an initial public offering (IPO), according to a report from Bloomberg News.
The company is working with Goldman Sachs and Citigroup, and while no final decision has been made, Bloomberg’s sources reportedly said the IPO could happen this year.
The report comes merely hours after the White House crypto summit and two weeks after the U.S. Securities and Exchange Commission (SEC) officially closed its investigation into Gemini, a probe that had dragged on for 699 days and cost the company tens of millions in legal fees.
Cameron confirmed the SEC’s decision in February, posting a photo of the agency’s letter on X. The letter, dated February 24, stated that SEC staff “do not recommend an enforcement action” against Gemini.
The probe, which began nearly two years ago, had put a major cloud over Gemini, with the SEC even issuing a Wells Notice 277 days ago, signaling that legal action was on the table.
The agency never explained what led to the decision to drop the case, but Gemini’s leadership didn’t hold back their frustration. “It’s wholly unacceptable for an agency like the SEC to bully, harass, and attack a lawful industry and then decide one day to simply say we’re good and walk away,” Cameron wrote.
Trump administration’s crypto stance fuels IPO wave
Cameron and Tyler were among 30 crypto executives and government officials who attended Donald Trump’s crypto Summit at the White House last night.
The event signaled a massive policy shift from the previous administration, as Trump made it clear that his government would be crypto-friendly.
On Thursday night, Trump announced that the U.S. would create a Bitcoin national reserve and stockpile other seized crypto assets. The government won’t be using taxpayer money to buy Bitcoin—it will simply hold onto assets that have been confiscated in legal cases.
The decision received mixed reactions from the industry. Some investors saw it as a sign of legitimacy for Bitcoin, while others dismissed it as symbolic and unlikely to have real impact.
“This is not the aggressive Bitcoin reserve some were pressing for,” Jaret Seiberg, a TD Cowen analyst, said in a note. “We view this as a compromise.” He added that the government is not actually buying crypto, just holding onto what it has seized.
Analysts at Compass Point were even less impressed. “An executive order is not legislation, it is an exercise of executive authority, and it is not durable,” Edwin Groshans wrote.
He pointed out that without Congress passing a law, Trump’s decision could be easily overturned by a future administration. “To be frank, we view its issuance to be a dud that will not provide support to the value of BTC or any other digital asset, primarily because there is no authorization to purchase BTC,” he added.
SEC backs off, crypto companies push forward
The SEC’s retreat from aggressive enforcement isn’t limited to Gemini. In recent days, the agency also dropped charges against Coinbase and ended its investigation into Uniswap, signaling a policy shift as Trump’s administration moves to deregulate the crypto industry.
For Gemini, the end of the SEC probe clears the way for one of the biggest crypto IPOs to date. The company has more than 500 employees across offices in New York, Seattle, Singapore, London, and Dublin.
It has positioned itself as a regulated, compliance-focused alternative to other crypto exchanges, which is why the SEC investigation was such a headache.
Cameron and Tyler, who gained fame for their legal fight with Mark Zuckerberg over Facebook, have been strong supporters of Trump’s crypto policies.
Both donated Bitcoin beyond the maximum campaign contribution limit and were refunded the excess amount. With the IPO now back on the table, the twins are betting that the crypto market’s recovery—and Trump’s support—will give investors confidence in Gemini’s long-term growth.
Bitcoin’s price barely reacted to the executive order, holding steady at $88,000 after a brief dip. Other major cryptocurrencies, including Ether and Solana, inched higher, while XRP and Cardano-linked tokens fell slightly.
Despite Trump’s crypto-friendly stance, traditional financial analysts remain skeptical. Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter, noted that macro conditions are still weighing on crypto markets.
“There is nothing on the immediate horizon to suggest relief for the building concern about a slowdown,” she said. She added that investors are still hesitant, despite Trump’s pro-crypto policies.
