Gemini Confidentially Files for IPO with United States SEC
Gemini has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) using a confidential draft registration statement on SEC Form S-1. The number of shares and price range have not been determined, and no IPO date has been specified. Founded in 2014 by twins Cameron and Tyler Winklevoss, Gemini raised $400 million at a $7.1 billion valuation in November 2021. The exchange had approximately 1,000 employees in November 2022 but later laid off some staff during the crypto downturn. In January 2023, Gemini faced SEC scrutiny over its “Earn” program for allegedly selling unregistered securities. The IPO landscape is becoming competitive, highlighted by Circle's successful IPO on June 5 and CoreWeave's significant share price increase since its March IPO. Circle's stock rose 167% by June 5, with further gains reported on June 6. CoreWeave's share price increased by 158% over the past month.
