Gemini IPO Price Surges Amid Regulatory Controversy Involving Winklevoss Twins

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has significantly raised its IPO price range ahead of its public debut. The new range of $24-$26 per share, up from $17-$19, values the company at up to $3.1 billion. The IPO is set for Friday, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald leading the underwriting. Nasdaq has committed to a $50 million private placement at the IPO price.

Controversy surrounds the Winklevoss twins following the release of private text messages with Brian Quintenz, President Trump's nominee to chair the CFTC. The messages reveal the brothers sought assurances regarding regulatory enforcement actions against Gemini. When Quintenz refused, they allegedly contacted TRUMP to pause his nomination. The texts suggest potential interference in a key regulatory appointment.

The timing of these revelations, just days before Gemini's public listing, casts a shadow over the exchange's market debut. The situation highlights the increasingly complex relationship between cryptocurrency firms and financial regulators.