Gemini prepares for an IPO

Cryptocurrency exchange and custodian Gemini, founded by billionaires Cameron and Tyler Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States.

Cryptocurrency exchange and custodian Gemini, founded by billionaires Cameron and Tyler Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, the sources said on Thursday.

Gemini has hired major investment banks Goldman Sachs and Citigroup to underwrite the IPO, which could value the exchange at around $10 billion, one of the sources said. The company is aiming to raise up to $1 billion from the offering, the source added.

The final decision on going public will rest with Gemini, and the IPO could take place as early as this year if market conditions permit. The move signals the company's serious intentions to strengthen its presence in traditional financial markets.

"We are grateful for the opportunity to serve the digital asset community and can confirm that we have confidentially submitted a draft registration statement for the proposed offering of common stock with the Securities and Exchange Commission," a Gemini spokesperson said in an emailed statement.

The IPO plans follow a string of legal successes for Gemini. On Monday, the SEC closed its investigation into the exchange without taking any action. The company also settled a dispute with the Commodity Futures Trading Commission (CFTC) in January, agreeing to pay a $5 million penalty to settle an investigation into alleged breaches of futures trading rules.

Gemini is among several cryptocurrency companies that are planning to go public in the coming months. Coinbase Global Trust (COIN.O) went public last year via a direct listing.

The co-founder of cryptocurrency exchange Mt. Gox and Ripple Jed McCaleb plans to send his company Vast Space's Haven-1 commercial space station into orbit and win a U.S. National Aeronautics and Space Administration (NASA) contract in 2026, the company said on Thursday.

McCaleb is the sole sponsor of the project and is funding the creation of the station and its launch into Earth orbit. If the startup succeeds, Vast will have a better chance of winning a contract with NASA to replace the International Space Station (ISS). Such contracts are expected to be awarded in mid-2026.

If Vast fails or the NASA contract goes away in favor of a competitor such as Axiom Space or Blue Origin, a company founded by Jeff Bezos, McCaleb could lose $1 billion and the future of his company would be in doubt, the report said.

Vast's Founder and CEO Jed McCaleb. Image Source: Vast

"It's very important that people make that leap from where we are today to this potential world that has a lot of people living off Earth. There aren't many people who are willing to devote as many resources, time and be willing to take the risk as I am," said McCaleb.

Vast is working closely with Elon Musk's SpaceX, which is urging the U.S. to accelerate the decommissioning of the ISS (expected to be completed by the end of 2030). Vast, founded in 2021, will partially assemble its craft from components developed by SpaceX, specifically a docking adapter to connect SpaceX's Dragon capsule to the Vast station and a space-based internet system that will provide Wi-Fi to the station via Starlink.

Specifications of Vast's Haven-1 model. Image Source: Vast

McCaleb's company has also already booked SpaceX flights to send equipment into orbit and crew to the space station, and SpaceX has agreed to deliver astronauts for Vast, provided NASA gives permission.