Today in crypto, Gemini has filed to list on Nasdaq under ticker GEMI, revealing steepening losses ahead of its IPO, traders are showing greater hesitation to buy the dip in Ether compared to Bitcoin, Meanwhile, the US Federal Reserve will …
Today in crypto, Gemini has filed to list on Nasdaq under ticker GEMI, revealing steepening losses ahead of its IPO, traders are showing greater hesitation to buy the dip in Ether compared to Bitcoin, Meanwhile, the US Federal Reserve will end its 2023 program supervising banks’ crypto activities.
Winklevoss’ Gemini files for Nasdaq listing after strong Bullish debut
Gemini Space Station, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Founded in 2014, Gemini operates a regulated crypto exchange, custody service, and a range of blockchain-based products, including the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card, the platform said in the filing submitted on Friday.
According to its filing, the IPO will mark the first time its shares are publicly traded, with pricing expected between an undisclosed range. The offering will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup and others.
Post-offering, Gemini will have a dual-class share structure, including Class A stock carrying one vote per share and Class B stock carrying ten votes. The Winklevoss twins will retain all Class B shares, ensuring majority voting control and qualifying Gemini as a “controlled company” under Nasdaq rules.
Ether has ‘slightly more bullish path’ than Bitcoin: Santiment
Ether holds a slight edge over Bitcoin in the short-term as social media chatter around the cryptocurrency is less overheated, says sentiment platform Santiment.
“The $ETH crowd hasn’t shown nearly as much bullishness despite significantly better performance over the past 3 months,” Santiment said in an X post on Friday amid the ETH/BTC ratio, which measures Ether’s relative strength against Bitcoin being up 32.90% over the past 30 days, according to TradingView.
Both Bitcoin and Ether have pulled back since Thursday, when Bitcoin reached a new all-time high of $124,128 and Ether came close to reclaiming its 2021 all-time high of $4,878.
US Fed to end oversight program for banks’ crypto activities
The Federal Reserve Board said that it would end a “novel activities supervision program” set up in 2023 to supervise certain activities related to crypto assets and distributed ledger technology.
In a Friday notice, the Fed said it will sunset the program created in August 2023 and return to “monitoring banks’ novel activities through the normal supervisory process.” The 2023 program said it would be “risk-focused” and include supervision of banks providing “deposits, payments, and lending to crypto-asset-related entities and fintechs.”
“Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and bank risk management practices,” said the Fed. “As a result, the Board is integrating that knowledge and the supervision of those activities back into the standard supervisory process and is rescinding its 2023 supervisory letter creating the program.”
Though not necessarily suggesting a scaleback in oversight of banks dealing with crypto companies, US government agencies have taken a softer approach to regulating and handling digital assets under the Trump administration.
