Crypto exchange Gemini, founded by the Winklevoss twins, has confidentially filed for a U.S. IPO by submitting an S-1 registration with the SEC. The company has hired Goldman Sachs and Citigroup as advisors and aims to go public by the end of 2025. This move follows key regulatory resolutions, including a $5 million CFTC settlement and the closing of an SEC probe. Gemini's IPO plans come amid rising investor confidence and a more crypto-friendly regulatory environment. The listing would support Gemini’s push for greater transparency, institutional adoption, and mainstream credibility in digital assets, following Circle’s recent IPO momentum.