Latest news with #WinklevossTwins
Yahoo
2 days ago
- Business
- Yahoo
Winklevosses' Gemini Files for IPO as Crypto Listings Accelerate
(Bloomberg) — Gemini Space Station Inc., led by the billionaire Winklevoss twins, filed for an IPO as the cohort of crypto businesses seeking to list on public markets continues to swell. The US-Canadian Road Safety Gap Is Getting Wider Festivals and Parades Are Canceled Amid US Immigration Anxiety A Photographer's Pipe Dream: Capturing New York's Vast Water System To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain The New York City-based crypto exchange and custodian had a net loss of $282.5 million on $67.9 million revenue in the six months through June 30, versus a net loss of $41.4 million on revenue of $73.5 million in the same period a year earlier, according to a filing with the US Securities and Exchange Commission Friday. Founded in 2014, Gemini has more than $18 billion of assets on the platform, the filing shows. In the first six months of this year, transaction revenue from volume-based trades accounted for 65.5% of Gemini's revenue. The rush of crypto companies listing publicly comes as the Trump administration has embraced the industry and crypto legislation was signed into law. Stablecoin issuer Circle Internet Group Inc. went public in June in a $1.2 billion IPO, surging 168% on its first trading day, and crypto exchange Bullish climbed 84% in its debut after raising $1.1 billion earlier this week. Gemini, which counts Cameron Winklevoss as its president and Tyler Winklevoss as its chief executive officer, offers a crypto exchange, a US dollar-backed stablecoin, crypto staking and a credit card that offers rewards in crypto. It also has institutional products including crypto custody and over-the-counter trading. Cameron and Tyler each have a net worth of $7.5 billion, according to the Bloomberg Billionaires Index. They are the only shareholders in Gemini with stakes of 5% or more listed in the latest filing. The company previously faced charges from the US SEC in 2023 for selling unregistered securities to retail investors through its Gemini Earn crypto asset lending program, but the SEC dropped those charges earlier this year. The company agreed to pay $5 million to end a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability. The lawsuit had alleged Gemini misled the regulator when trying to launch the first US-regulated Bitcoin futures contract. The Winklevoss twins came to prominence after a dispute with Facebook founder Mark Zuckerberg over ownership of the social network. The twins attended President Donald Trump's signing of the stablecoin legislation in July and had previously donated Bitcoin to his campaign that exceeded the maximum amount allowed, so were refunded the difference. They have invested in American Bitcoin Corp., a Bitcoin mining venture tied to Trump's sons, Bloomberg News reported. The offering is being led by Goldman Sachs Group Inc. and Citigroup Inc., the filing shows. The company plans to make its debut on the Nasdaq Global Select Market under the symbol GEMI. Americans Are Getting Priced Out of Homeownership at Record Rates What Declining Cardboard Box Sales Tell Us About the US Economy Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Twitter's Ex-CEO Is Moving Past His Elon Musk Drama and Starting an AI Company Dubai's Housing Boom Is Stoking Fears of Another Crash ©2025 Bloomberg L.P. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Winklevoss Twins' Crypto Platform Gemini Submits Public IPO Filing
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Reuters
13-06-2025
- Business
- Reuters
Exclusive: Crypto giants set for EU green light amid growing regulatory rift, sources say
PARIS/FRANKFURT, June 13 (Reuters) - Two of the world's largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, according to sources familiar with the matter. Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted, two people familiar with those discussions said, asking not to be named because of the sensitivity of the matter. At stake is the oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could facilitate fraud, market instability and illicit financial flows if it is not properly supervised. MiCA aims to bring crypto under the same regulatory umbrella as traditional finance, but some fear that uneven enforcement could undermine its goals. Gemini, a crypto trading platform founded by billionaire twins Tyler and Cameron Winklevoss, is on the verge of receiving a licence to operate from Malta, the smallest country in the European Union, two people said. This follows Malta's earlier approvals of OKX and granted within weeks of the new regime's introduction. The pace of Malta's approvals has drawn scrutiny from other national regulators, who meet under the umbrella of the European Securities and Markets Authority (ESMA). France's AMF has publicly warned that ESMA's lack of direct authority could lead to a "regulatory race to the bottom". Another senior regulatory official, who did not wish to be identified, said that they were concerned about accepting licences granted in countries where regulators had fewer staff, citing Malta as one example. ESMA has scrutinized Malta's licensing process, with a report due to be circulated in the near future, said one of those people. A spokesperson for the Malta Financial Services Authority said it had granted four crypto licences so far and was able to move fast due to its past experience, adding that "expedited processing" was due to its "in-depth understanding acquired over these years". It said its local money laundering standards were strict. ESMA declined to comment. OKX said its application was "rigorous" and that compliance was a priority. The regulatory debate has intensified with expectations that Luxembourg will soon grant a licence to Coinbase (COIN.O), opens new tab, the first U.S. crypto-focused company to join the S&P 500, one of the people said. While the application has been in progress for several months, one person pointed to the relatively modest size of Coinbase's planned operation in Luxembourg. A Coinbase spokesperson did not comment on its application but said it employed 200 in Europe and that it invested in staff to ensure operations were safe. The spokesperson said Luxembourg was a "high-bar, well respected global financial centre" and that Coinbase would hire more than 20 people there by the end of the year. Luxembourg's financial watchdog declined to comment. One person familiar with Luxembourg's thinking dismissed any suggestion that the country was lax and said some critics were rather motivated by self interest in a race to attract crypto firms. Coinbase's anticipated approval is seen as a setback for Ireland, where relations with the crypto industry have cooled. In 2023, Central Bank Governor Gabriel Makhlouf compared crypto to a Ponzi scheme, warning that 'most of the time when you gamble, you're actually losing.' The global cryptocurrency market is currently valued at roughly $3.3 trillion but it has seen crises, such as the collapse and fraud of top U.S. exchange FTX in 2022. The European Union has long had to contend with divergence between its members. The dispute is unfolding as European politicians consider granting greater powers to regulator ESMA. While the European Union is united as a trading bloc and writes much regulation centrally in Brussels, countries vie with each other to attract international businesses. ESMA head Verena Ross has also pushed publicly for more powers to oversee crypto, although one person familiar with discussions among EU politicians said several countries were sceptical.
CNA
13-06-2025
- Business
- CNA
Exclusive-Crypto giants set for EU green light amid growing regulatory rift, sources say
PARIS/FRANKFURT :Two of the world's largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, according to sources familiar with the matter. Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted, two people familiar with those discussions said, asking not to be named because of the sensitivity of the matter. At stake is the oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could facilitate fraud, market instability and illicit financial flows if it is not properly supervised. MiCA aims to bring crypto under the same regulatory umbrella as traditional finance, but some fear that uneven enforcement could undermine its goals. Gemini, a crypto trading platform founded by billionaire twins Tyler and Cameron Winklevoss, is on the verge of receiving a licence to operate from Malta, the smallest country in the European Union, two people said. This follows Malta's earlier approvals of OKX and granted within weeks of the new regime's introduction. The pace of Malta's approvals has drawn scrutiny from other national regulators, who meet under the umbrella of the European Securities and Markets Authority (ESMA). France's AMF has publicly warned that ESMA's lack of direct authority could lead to a "regulatory race to the bottom". Another senior regulatory official, who did not wish to be identified, said that they were concerned about accepting licences granted in countries where regulators had fewer staff, citing Malta as one example. ESMA has scrutinized Malta's licensing process, with a report due to be circulated in the near future, said one of those people. A spokesperson for the Malta Financial Services Authority said it had granted four crypto licences so far and was able to move fast due to its past experience, adding that "expedited processing" was due to its "in-depth understanding acquired over these years". It said its local money laundering standards were strict. ESMA declined to comment. OKX said its application was "rigorous" and that compliance was a priority. SELF INTEREST? The regulatory debate has intensified with expectations that Luxembourg will soon grant a licence to Coinbase, the first U.S. crypto-focused company to join the S&P 500, one of the people said. While the application has been in progress for several months, one person pointed to the relatively modest size of Coinbase's planned operation in Luxembourg. A Coinbase spokesperson did not comment on its application but said it employed 200 in Europe and that it invested in staff to ensure operations were safe. The spokesperson said Luxembourg was a "high-bar, well respected global financial centre" and that Coinbase would hire more than 20 people there by the end of the year. Luxembourg's financial watchdog declined to comment. One person familiar with Luxembourg's thinking dismissed any suggestion that the country was lax and said some critics were rather motivated by self interest in a race to attract crypto firms. Coinbase's anticipated approval is seen as a setback for Ireland, where relations with the crypto industry have cooled. In 2023, Central Bank Governor Gabriel Makhlouf compared crypto to a Ponzi scheme, warning that 'most of the time when you gamble, you're actually losing.' The global cryptocurrency market is currently valued at roughly $3.3 trillion but it has seen crises, such as the collapse and fraud of top U.S. exchange FTX in 2022. The European Union has long had to contend with divergence between its members. The dispute is unfolding as European politicians consider granting greater powers to regulator ESMA. While the European Union is united as a trading bloc and writes much regulation centrally in Brussels, countries vie with each other to attract international businesses. ESMA head Verena Ross has also pushed publicly for more powers to oversee crypto, although one person familiar with discussions among EU politicians said several countries were sceptical.
Reuters
11-06-2025
- Business
- Reuters
Cryptocurrency firm Bullish confidentially files for US IPO, FT reports
June 10 (Reuters) - Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission in recent weeks, the Financial Times reported on Tuesday. A unit of blockchain software company Bullish had attempted to go public through a special purpose acquisition company deal in 2021 but that fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates that rattled the equities market. The Trump administration, in contrast to predecessor Joe Biden's, has taken a softer stance on crypto regulation and backed the industry's policy priorities, with the SEC dropping several investigations. Bullish is seeking to capitalise on renewed investor interest in digital assets under the current administration, the FT said. Bullish did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report. The company's reported filing follows that of Gemini's, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. initial public offering.
