Crypto exchange Gemini considers a 2025 IPO: report

Tyler and Cameron Winklevoss's crypto exchange Gemini is considering an initial public offering, Bloomberg reported citing people familiar with the matter. 

The IPO could possibly happen sometime this year, but the firm hasn't reached a definitive conclusion on the matter, according to Bloomberg. 

Gemini's potential IPO comes as President Donald Trump promises to make the United States the "world capital of artificial intelligence and crypto" during his second term. Crypto-friendly regulators like Commissioners Hester Peirce and Mark Uyeda at the Securities and Exchange Commission are also leading endeavors to create clearer crypto regulatory frameworks for the industry. 

The news comes shortly after rival exchange Bullish announced it is mulling going public after cancelling a previous plan to list via a SPAC merger in 2021. Outside of the Bitcoin mining sector, few crypto-native firms have managed to go public following Coinbase's direct listing in April 2021. For instance, stablecoin firm Circle also cancelled plans for a SPAC merger, but is reportedly once again looking to go public. 

In January, Gemini onboarded three senior executives to oversee the firm's European expansion in 2025. In November 2024, the exchange obtained a Virtual Asset Service Provider (VASP) license in France allowing it provide crypto services across the European Union, The Block previously reported. 

Gemini recorded $5.88 billion in spot market volume in January, a 6.92% decrease compared to the prior month, The Block's Data Dashboard shows.