The cryptocurrency world saw a confluence of major corporate, market, and regulatory news today, painting a picture of an industry rapidly maturing and integrating into the traditional financial system. Gemini, the prominent crypto exchange founded by the Winklevoss twins, has officially filed for an IPO on the Nasdaq. Meanwhile, market analysts are noting a shift in sentiment favoring Ether over Bitcoin, and the U.S. Federal Reserve announced a significant change to its crypto oversight program.
Gemini Targets Wall Street with Nasdaq IPO
Gemini Space Station, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss in 2014, has taken a formal step toward becoming a publicly-traded company. In a Friday filing with the U.S. Securities and Exchange Commission (SEC), the company announced its intention to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
The filing highlights Gemini’s diverse offerings, which include a regulated crypto exchange, custody services, the Gemini Dollar (GUSD) stablecoin, and a crypto-rewards credit card. However, the move toward a public offering also reveals the financial pressures on the company, with the filing noting steepening losses ahead of its debut.
Key details of the planned IPO include:
Underwriters: The offering will be managed by a syndicate of top-tier investment banks, including Goldman Sachs, Morgan Stanley, and Citigroup.
Dual-Class Structure: Post-offering, the Winklevoss twins will retain all Class B shares, which carry ten votes per share compared to one vote for Class A shares. This structure ensures they maintain majority voting control, qualifying Gemini as a “controlled company” under Nasdaq rules.
This IPO marks a significant milestone, positioning Gemini to be one of the few publicly-listed crypto-native exchanges and signaling a growing ambition for mainstream financial acceptance.
Market Pulse: Traders Show Hesitation on Bitcoin, Favor Ether
While corporate news took center stage, market dynamics revealed a subtle but important shift in trader sentiment. According to data analytics platform Santiment, Ether (ETH) currently holds a “slightly more bullish path” than Bitcoin (BTC), primarily due to social media dynamics.
“The $ETH crowd hasn’t shown nearly as much bullishness despite significantly better performance over the past 3 months,” Santiment stated in a post on X. This lack of “overheated” chatter suggests that Ether may have more room for growth without the risk of a sentiment-driven pullback.
This analysis is supported by market data. The ETH/BTC ratio, a key metric measuring Ether’s strength relative to Bitcoin, has surged 32.90% over the past 30 days. The observation comes as both leading cryptocurrencies have retraced from recent peaks, after Bitcoin reached a new all-time high and Ether approached its 2021 record. The greater hesitation among traders to “buy the dip” in Bitcoin compared to Ether indicates a potential short-term preference for the latter.
Regulatory Evolution: Federal Reserve Sunsets Dedicated Crypto Bank Program
In a move signaling a normalization of crypto in the banking sector, the U.S. Federal Reserve Board announced it will end its “novel activities supervision program.” This program, established in August 2023, was designed specifically to increase oversight of banks engaged in activities related to crypto assets and distributed ledger technology.
In its Friday notice, the Fed explained that it will integrate the supervision of these activities into its “normal supervisory process.” The central bank stated that since the program’s inception, it has “strengthened its understanding of those activities, related risks, and bank risk management practices.”
This change does not necessarily mean a reduction in oversight but rather a shift from a specialized, temporary program to a permanent, integrated one. It suggests that the Federal Reserve now views crypto-related banking activities as something to be managed within its existing supervisory framework, reflecting a deeper institutional knowledge and a more mature regulatory stance. This move aligns with a broader trend under the current administration, where U.S. government agencies are developing more established and integrated policies for handling digital assets.
