Cryptocurrency exchange Gemini may be considering an initial public offering (IPO). In an interview with Bloomberg, Cameron and Tyler Winklevoss, co-founders of the exchange, said they were open to the idea of going public. “We are watching the market and we are also having internal discussions whether it makes sense for us at this point of time,” said Cameron Winklevoss, president at Gemini.
While analyst firms and publications have made revenue estimates about its competitor Coinbase, not much is known about Gemini’s financials. The company recently increased its headcount to 350 employees and announced that it had surpassed $10 billion worth of digital assets under custody. The Winklevoss brothers are the outfit’s main investors.
If the New York-based exchange does decide to tap public markets, then it will become the third crypto business to do so in recent times. Coinbase, North America’s largest cryptocurrency exchange by trading volume, has already filed with the Securities and Exchange Commission (SEC) for an IPO. Bakkt, a crypto trading platform backed by NYSE owner Intercontinental Exchange, Inc. (ICE), went public with a special purpose acquisition company (SPAC) last week at a valuation of $2.1 billion.