Gemini, backed by Winklevoss twins, taps Goldman Sachs and Citigroup to explore IPO

The company works with Goldman Sachs Group Inc. and Citigroup Inc. to study a listing, which could happen as early as this year.

Cameron Winklevoss explained in a February post on X (formerly Twitter) that the move follows the resolution of regulatory issues, including the closure of a U.S. Securities and Exchange Commission investigation into the exchange.

A January filing revealed that Gemini paid $5 million earlier this year to settle a lawsuit with the Commodity Futures Trading Commission.

In February, the Winklevoss brothers were in talks with bankers about a potential listing, though no final decision had been made at that time.

The statement highlights growing momentum in the crypto industry amid a favorable regulatory environment under President Donald Trump's administration.

The administration has shown strong support for the sector, with Trump announcing plans to create a national reserve of bitcoin and freeze other seized tokens.

The Winklevoss twins, who rose to fame in a legal battle with Facebook’s Mark Zuckerberg, were among about 30 cryptocurrency executives who attended a digital asset summit at the White House on Friday.

The brothers, pioneers in the use of bitcoin, have long been interested in driving cryptocurrency adoption and innovation.

Gemini has grown to more than 500 employees, with offices in New York, Seattle, Singapore, London and Dublin. Representatives for Gemini, Goldman Sachs and Citigroup declined to comment on the IPO plans.

Given recent regulatory favorable conditions, a successful Gemini IPO could signal a new wave of public offerings in the cryptocurrency sector, potentially attracting significant interest from investors looking to capitalize on the changing digital asset landscape.