TLDR
- CFTC nominee Brian Quintenz released texts showing Winklevoss twins sought regulatory assurances in July
- Gemini boosted IPO price range from $17-$19 to $24-$26 per share, targeting $3.1 billion valuation
- IPO launches Friday on Nasdaq under ticker GEMI with major banks as underwriters
- Texts reveal brothers contacted Trump to pause Quintenz nomination after he refused their requests
- Controversy emerges just 48 hours before Gemini’s public market debut
Gemini cryptocurrency exchange has raised its initial public offering price range to $24-$26 per share, just days after explosive text messages between its founders and a Trump administration nominee surfaced. The price increase values the Winklevoss-led company at up to $3.1 billion ahead of its Friday market debut.
Brian Quintenz, President Trump’s choice to lead the Commodity Futures Trading Commission, released private text conversations with Gemini co-founders Cameron and Tyler Winklevoss on Wednesday. The messages show the crypto billionaires seeking regulatory relief following their company’s $5 million CFTC settlement in January.
“The CFTC totally abused the deliberative process privilege amongst many other abuses to prevent us from even be able to defend ourselves fairly in court,” Tyler Winklevoss wrote to Quintenz in July. The texts suggest the brothers wanted specific assurances about future enforcement actions.
Quintenz said he refused to provide the promises the Winklevoss twins requested. He released the communications over concerns that Trump “might have been misled” about his nomination process.
IPO Pricing Details and Market Reception
The updated IPO range represents a major increase from Gemini’s original $17-$19 per share guidance. At the new maximum price, the crypto exchange would raise over $430 million through the sale of 16.67 million shares.
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are serving as lead underwriters for the offering. Nasdaq has committed to purchasing $50 million worth of shares at the IPO price through a private placement.
The stock will trade on the Nasdaq Global Select Market under the ticker symbol GEMI. This follows recent public offerings from other crypto companies including Bullish and Circle under the Trump administration.
Regulatory Controversy Timeline
The text exchange occurred in July, just before reports emerged that the Winklevoss brothers had contacted the White House about Quintenz’s nomination. According to the CFTC nominee, they asked Trump to pause his confirmation for reasons different from those shown in the messages.
Senate Agriculture Committee lawmakers had planned to question Quintenz in July before Congress entered recess. The White House requested a delay, and no new hearing date has been scheduled.
Quintenz believes the texts demonstrate what the brothers “were after from me, and what I refused to promise.” The timing of the release, less than 48 hours before Gemini’s IPO, raises questions about potential market impact.
Market Outlook
Gemini’s valuation increase suggests strong investor demand despite the regulatory controversy surrounding its founders. The crypto exchange industry has seen increased public market activity under Trump’s perceived crypto-friendly policies.
The company’s IPO follows a trend of cryptocurrency businesses seeking public listings after years of regulatory uncertainty. Gemini joins a growing list of crypto firms accessing traditional capital markets.
The higher price range indicates institutional investor confidence in Gemini’s business model and growth prospects. Trading begins Friday under the GEMI ticker symbol.
