Gemini Names Dan Chen as CFO and Eyes 2025 IPO in Crypto Boom

A Strategic Hire for a High-Stakes Moment

Dan Chen steps into Gemini’s CFO role with a track record in capital markets and public listings. He previously served as Affirm’s Vice President of Capital Markets, contributing to its $24 billion IPO in 2021, and led a $2 billion offering as CFO of Blue Foundry Bank.

His experience spans financial leadership at Nearside, acquired by Plastiq, and earlier roles at Morgan Stanley and MetLife Investments.

His appointment on March 17, 2025, has fueled speculation that Gemini is ramping up its IPO efforts. In a post on X, Chen said he looks forward to “helping Gemini scale by driving financial strategy as the company enters its next phase of growth.” The move aligns with the Winklevoss twins’ long-standing public listing ambitions, now appearing closer to reality.

IPO Rumors Gain Traction

Reports from Bloomberg and CoinDesk earlier this month revealed that Gemini has confidentially filed for an IPO, enlisting heavyweights Goldman Sachs and Citigroup to guide the process. While details remain under wraps—confidential filings allow companies to shield sensitive financials from public view until closer to launch—the timing aligns with a broader wave of crypto firms exploring public markets.

Kraken, Circle, and Blockchain.com are among those reportedly considering similar moves, buoyed by a shifting regulatory tide under the Trump administration, which has embraced a more permissive stance on digital assets.

The move follows key regulatory victories for Gemini. In February 2025, the SEC dropped its investigation into the exchange without taking action, a decision Cameron Winklevoss celebrated on social media.

A separate $5 million settlement with the CFTC last year also cleared lingering legal challenges. “This is a company that’s been battle-tested,” says Sarah Levin, a crypto analyst at Blockhead. “With regulatory headwinds easing, they’re seizing the moment.”

Why Now? A Perfect Storm for Crypto Listings

The crypto market in 2025 is a far cry from the volatility of 2022, when prices crashed and investor confidence waned. Bitcoin has surged past $80,000 this year, fueled by institutional adoption and a pro-crypto policy shift in Washington.

Gemini, which facilitates trading in assets from Bitcoin to Dogecoin, stands to benefit from this bullish sentiment.

An IPO could unlock significant capital, allowing the exchange to expand its offerings, from custody services to staking, and even tokenized securities, all while boosting its visibility among mainstream investors.

Chen’s track record adds credibility to the endeavor. At Blue Foundry Bank, he managed a successful Nasdaq listing, raising $2 billion to fuel expansion. His experience at Affirm, meanwhile, exposed him to the fintech-crypto nexus, a space Gemini aims to dominate.

For the Winklevoss twins, who’ve long positioned Gemini as a bridge between Wall Street and the blockchain, Chen could be the linchpin.

What’s at Stake for Gemini and the Industry

Going public could elevate Gemini from a crypto pioneer to a household name, rivaling Coinbase, which debuted on Nasdaq in 2021 at a $85 billion valuation. Yet, the stakes are high.

Public companies face intense scrutiny, and Gemini’s financials, yet to be disclosed, will need to impress. Coinbase, for instance, reported $1.4 billion in revenue for Q4 2024, a benchmark against which Gemini will likely be measured.

Beyond Gemini, a successful IPO could catalyze a domino effect. If Gemini pulls this off, it could inspire confidence in other players like Kraken or eToro, especially with the SEC in retreat. The ripple effects might even reach retail investors, who’ve grown wary of crypto’s Wild West reputation but could warm to regulated, publicly traded entities.

For Cameron and Tyler Winklevoss, who parlayed their early Bitcoin investments into a crypto empire, this is a full-circle moment.