[Crypto IPO] Gemini Founders Donate $21M to Trump — Is There an IPO Strategy Behind the Scenes?

Gemini Founders Donate $21M to Trump — Is There an IPO Strategy Behind the Scenes?

TradingKey – On Thursday, August 20, Gemini co-founder Tyler Winklevoss announced via social media that he and his brother Cameron Winklevoss had donated over 188 BTC, worth approximately $21 million, to the Digital Freedom Fund PAC. The donation was made to support President Donald Trump’s goal of making the U.S. the global capital of crypto.

Timing Raises Eyebrows

Just days earlier, on August 16, Gemini filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Select Market under the ticker GEMI. 

The timing of the donation has sparked speculation that the contribution may be aimed at strengthening ties with the Trump administration and smoothing the path for Gemini’s IPO.

Legal but Controversial

While both the donation and the IPO filing are legally compliant, critics have questioned whether the two are strategically linked. Some market observers suggest the donation could be interpreted as a form of political positioning, especially given the PAC’s mission to advance pro-crypto legislation and deregulation efforts.

As of now, neither Gemini nor the Digital Freedom Fund PAC has issued a formal response to the speculation.

Gemini Files for Nasdaq Listing — Goldman Sachs, Citi, and Morgan Stanley Lead Underwriting

TradingKey – On Friday, August 16, crypto exchange Gemini officially filed its S-1 registration with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Select Market under the ticker symbol GEMI. 

This move follows the successful IPOs of Circle (CRCL) and Bullish (BLSH), continuing the wave of crypto firms entering public markets.

Underwriters and Offering Details

While Gemini has not yet disclosed the number of shares or pricing range, market estimates suggest the IPO could raise around $400 million, significantly below the $1.1 billion raised by Bullish and $1.2 billion by Circle.

The offering is being led by top-tier investment banks:

• Goldman Sachs (GS)
• Citigroup (C)
• Morgan Stanley (MS)
• Cantor Fitzgerald

Additional joint bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company, Keefe Bruyette & Woods, Needham & Co., and Rosenblatt Securities.

Gemini’s Global Footprint and Financials

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a centralized crypto exchange (CEX) headquartered in New York. It currently supports trading for over 80 cryptocurrencies across 60+ countries, including the U.S., UK, Canada, Australia, Hong Kong, Singapore, and South Korea.

According to its IPO filing:

• H1 2025 revenue: $68.6 million (down from $74.3M YoY)
• H1 2025 net loss: $282.5 million (up from $41.4M YoY)
• Monthly active users: Over 520,000
• Institutional clients: 10,000+
• Custodied crypto assets: $18 billion

Gemini also operates the Gemini Dollar (GUSD) stablecoin, which has a market cap of $51 million, ranking 33rd among stablecoins globally.

Strategic Moves and Outlook

To navigate regulatory constraints in New York, Gemini plans to split operations between Gemini Trust (NY) and a new Florida-based entity called Moonbase, which will handle staking and other services restricted under BitLicense rules.In July, Gemini secured a $150 million credit line from Ripple, payable in RLUSD stablecoin, to bolster liquidity ahead of its IPO.

If successful, Gemini will become the third publicly traded U.S. crypto exchange, joining Coinbase and Bullish, and further cementing the Trump administration’s push to make the U.S. a global crypto hub.