Crypto exchange Gemini, founded by the billionaire Winklevoss twins, is reportedly exploring an initial public offering (IPO) that could take place as soon as this year. 

According to a report from Bloomberg, the company is in discussions with potential advisers about a listing, though no final decision has been made.

Gemini, which serves as both a crypto exchange and custodian, is evaluating its options as firms in the digital asset space increasingly consider going public. The move comes as political shifts in the United States signal potential regulatory support for the crypto industry.

President Donald Trump has positioned himself as an advocate for the sector, gaining backing from notable industry figures, including Cameron and Tyler Winklevoss. The twins, who previously battled Mark Zuckerberg over Facebook’s early ownership, reportedly donated Bitcoin to Trump’s campaign beyond the legal limit and were refunded the excess.

Bullish Global, another crypto exchange backed by investor Peter Thiel, is also considering an IPO this year, further indicating an industry-wide push toward public markets.

Gemini has faced legal scrutiny in recent years. In January, the firm settled a lawsuit with the Commodity Futures Trading Commission (CFTC), agreeing to pay $5 million to resolve claims that it misled regulators in its bid to launch the first US-regulated Bitcoin futures contract. The settlement was reached without an admission of wrongdoing.

Additionally, Gemini has been entangled in the bankruptcy proceedings of Genesis Global Capital, agreeing last year to return at least $1.1 billion to customers as part of a settlement with New York regulators. The agreement was linked to the now-defunct Gemini Earn program, which allowed users to earn interest on their crypto holdings.

Despite these challenges, Gemini continues to expand its global footprint.