The crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss has reportedly filed for an initial public offering (IPO).

Citing people familiar with the matter, Bloomberg reports that Gemini is working with the investment banking titans Goldman Sachs and Citigroup in its efforts to quietly go public.

The anonymous sources also say that discussions are still ongoing and no final decision has been made concerning an IPO.

An IPO is typically underwritten by investment banks, which also arrange for the shares to be listed on stock exchanges.

Last month, the U.S. Securities and Exchange Commission (SEC) also ended its probe into the exchange. In a letter addressed to Gemini lawyer Jack Baughman, the securities regulator said that it has closed its investigation and will not be pursuing any further enforcement actions against the platform.

Cameron Winklevoss says the regulator’s withdrawal is a milestone that signifies the end of the SEC’s “war on crypto,” but the Gemini co-founder says this hardly makes up for the damage caused by the agency.

“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity and innovation.”

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Crypto exchange and custodian Gemini has confidentially filed for an initial public offering (IPO), Bloomberg reported, citing people familiar with the matter.

The firm, founded by billionaire Cameron and Tyler Winklevoss, is working with Goldman Sachs and Citigroup, the report said, noting that no final decision has been made on the listing.

The potential IPO comes after the U.S. Securities and Exchange Commission (SEC) ended its investigation into Gemini without taking action, according to a February post by Cameron Winklevoss. The company also settled a separate Commodity Futures Trading Commission lawsuit in January for $5 million.

Gemini is among several crypto firms lining up to list their companies in the U.S. public market after the SEC has been in a full-scale litigation retreat in the first months of the Trump administration.

Just today, Bloomberg reported that Crypto exchange Kraken is considering an IPO by the first quarter of 2026, adding to the reports that firms such as Circle, Bullish (parent company of CoinDesk) and Blockchain.com are also queueing up for a U.S. listing.

Shares of bitcoin (BTC) miner Core Scientific (CORZ) were down 15% in pre-market on Thursday after reports that Microsoft (MSFT) has pulled back from some agreements with soon to listed cloud computing firm CoreWeave.

Last month, Core Scientific said it was planning a $1.2 billion data center expansion with CoreWeave. This week, CoreWeave filed for an intital public offering, hoping to raise $4 billion at a $35 billion valuation.

According to an FT article, CoreWeave, which supplies artificial intelligence (AI) computing power to Microsoft, was facing delivery issues and missed deadlines, causing the tech giant to reduce its commitments, though it remains a major partner.

Microsoft represents 62% of CoreWeave’s revenue and has pledged over $10 billion in spending on its services by 2030. CoreWeave has rapidly grown, generating $1.9 billion in revenue in 2024 but posting significant losses.

It relies heavily on Nvidia’s (NVDA) AI chips and has raised $14.5 billion in debt and equity. Microsoft’s decision aligns with its shifting AI infrastructure strategy, though it remains committed to major investments in the sector.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.