Gemini, the Cryptocurrency Exchange Operator, Submits Application for Public Offering

Gemini Space Station Inc., operator of a popular cryptocurrency exchange, has confidentially filed for an IPO, following four months of rumors about a potential listing. The company enlisted Goldman Sachs and Citigroup to manage the offering, although details about the number of shares or pricing remain undisclosed. Gemini achieved a private valuation of $7.1 billion after a $400 million funding round. Founded in 2014 by twins Tyler and Cameron Winklevoss, the exchange supports over 70 cryptocurrencies, including its own stablecoin, Gemini dollar. Gemini also offers products like the Gemini Credit Card and previously operated a lending service, Gemini Earn, now shut down due to regulatory issues. The SEC investigated the service for alleged misleading practices but closed the case after Gemini returned $2.18 billion to users. Recent favorable regulatory developments and the successful IPO of Circle Internet Group may have influenced Gemini’s decision to go public.

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