Gemini Space Station Inc., the operator of a popular cryptocurrency exchange, today confidentiality filed to go public.

The move comes about four months after rumors first emerged that a listing is in the works. A few weeks later, Bloomberg reported that Gemini had hired Goldman Sachs Group Inc. and Citigroup Inc. to manage the offering.

Because the paperwork for the listing is confidential, it’s not clear how many shares the company plans to sell or for what price. The valuation that it’s targeting was not disclosed either. Gemini received a $7.1 billion private valuation after its most recent $400 million funding round. 

Gemini was founded in 2014 by twins Tyler and Cameron Winklevoss, who had earlier filed a high-profile intellectual property lawsuit against Mark Zuckerberg over Facebook. The company operates an exchange that allows users to buy and sell more than 70 cryptocurrencies. It also provides access to crypto derivatives, digital assets that derive their value from cryptocurrencies. 

One of the digital assets traded on Gemini’s exchange is the Gemini dollar, an internally-developed stablecoin. It’s pegged to the U.S. dollar and runs on the Ethereum blockchain. Gemini designed the cryptocurrency with support for smart contracts, programs that automate financial tasks such as transferring funds between accounts. 

The company also offers other financial technology products. One of them is the Gemini Credit Card, a payment card that provides cryptocurrency cashback on purchases. It’s available alongside an application called ActiveTrader that promises to help investors manage cryptocurrency portfolios.

Until 2023, Gemini also offered a lending service called Gemini Earn. It allowed users to lend their digital assets to third parties. Gemini shut down Gemini Earn because the company with which it partnered to manage the service become insolvent.

Gemini Earn’s collapse drew an investigation from the U.S. Securities and Exchange Commission. When the agency launched the probe in early 2023, officials accused Gemini of misleading users by describing the service as a low-risk investment. 

The SEC closed the probe earlier this year after Gemini returned $2.18 billion to Gemini Earn users. Around the same time, the company settled a separate probe by the U.S. Commodity Futures Trading Commission for $5 million. The latter agency accused Gemini of making misleading statements about its activities in the crypto futures market. Those favorable regulatory developments may have influenced the company’s decision to go public.

The successful IPO of Circle Internet Group Inc. earlier this week was likely also a factor. The company, which issues the popular USDC stablecoin, raised nearly $1.1 billion by selling 34 million shares. Circle’s stock subsequently jumped more than 160% in its first day of trading. 

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