Gemini Confidentially Files for IPO Amid Crypto Hype

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission for a proposed IPO. The filing follows the high-profile public debut of stablecoin issuer Circle, whose shares surged over 260% on the NYSE. Gemini recently settled a $5 million lawsuit with the Commodity Futures Trading Commission, and the SEC ended its investigation without recommending enforcement action. Goldman Sachs and Citigroup are advising Gemini, which has also appointed a new CFO to prepare for the IPO. While the terms and size of the offering are undisclosed, some market observers express skepticism, suggesting the move may signal overheated valuations in the crypto sector. The IPO's completion remains subject to SEC review and market conditions.