Winklevoss Twins Target $2.22 Billion IPO for Gemini
The Winklevoss twins are setting their sights on a $2.22 billion initial public offering (IPO) for their cryptocurrency exchange, Gemini, as announced in a press release this Tuesday.
Cryptocurrency has gained traction over the years, partly due to the lenient regulatory approach during the Trump administration. Now, the IPO market is heating up again, with high-profile launches from tech companies like Chime and Figma. These elements combine to create a favorable landscape for crypto-related stocks.
Once it goes public, Gemini will become the third major crypto exchange listed in the U.S., joining Coinbase and Bullish. Coinbase made its debut in 2021, while Bullish had a notable launch last August.
Gemini initially filed for its IPO in June, and the company has now disclosed plans to sell 17.67 million shares priced between $17 and $19 under the ticker symbol Gemi. Goldman Sachs and Citigroup are leading the IPO process.
If the market agrees with this valuation, the Winklevoss twins could potentially raise up to $317 million from this offering.
Cameron and Tyler Winklevoss established Gemini in 2014, after their famous legal battle with Mark Zuckerberg regarding Facebook. Following their settlement, they invested in Bitcoin early on, earning the moniker “Bitcoin Twins.”
However, the twins have also faced legal challenges through their venture. In 2022, the Commodity Futures Trading Commission launched a civil lawsuit against them, accusing them of misleading U.S. regulators in 2017 regarding the potential manipulability of a Bitcoin futures contract. This contract was one of the first of its kind available. The twins settled with the CFTC for $5 million in January 2025.
Additionally, the New York Attorney General filed a lawsuit against the company for its alleged involvement in a billion-dollar cryptocurrency fraud in 2023.
Winklevii’s Political Victory
Changes in pro-crypto regulations in the U.S. government have sparked considerable growth in the industry. The Winklevoss twins, often referred to as Winklevii, also experienced a significant victory in the 2024 elections.
Crypto-related candidates outpaced their anti-crypto counterparts, with 253 pro-crypto representatives elected to the House and 16 to the Senate, against 115 and 12, respectively.
The twins are known supporters of former President Donald Trump. Cameron Winklevoss publicly stated that he donated $1 million in Bitcoin to Trump’s campaign to “end the Biden administration’s crypto war.”
This backing has seemingly granted the twins access to influential circles, including those within the Commodity Futures Trading Commission.
Crypto’s Mainstream Push
Despite having been skeptical of cryptocurrency previously, Trump and his family have come to recognize its importance. Within a mere seven months of his administration, a wave of regulatory actions aimed at integrating cryptocurrencies into mainstream finance came about.
In July, Trump signed the Genius Act, creating the first federal framework for stablecoins—cryptocurrencies designed to maintain price stability against the U.S. dollar.
Last month, Paul Atkins, the SEC Chairman appointed by Trump, unveiled “Project Cryptography,” detailing the committee’s supportive regulatory stance.
These evolving regulations foster financial aspirations within the industry, stimulating IPOs.
Earlier this summer, Circle’s IPO generated significant investor interest on the New York Stock Exchange. Shortly before that, Coinbase had made history as the first U.S. crypto firm to join the S&P 500, marking a notable achievement for the sector.
The upcoming Gemini IPO is poised to be another significant milestone in a transformative year for crypto, as the industry works to solidify its position in the broader financial landscape.
