Gemini Titan, LLC

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Gemini Titan, LLC
Founded	2020
Headquarters	New York, New York, United States
Key People	Tyler Winklevoss, Chief Executive Officer; Cameron Winklevoss, President
Products	Designated contract market services; event contracts; prediction markets; crypto-linked derivatives
Website	https://www.gemini.com/titan
Releases	Company News

Gemini Titan, LLC is a U.S.-registered derivatives exchange that operates as a designated contract market for event contracts and related derivatives, supervised by the U.S. Commodity Futures Trading Commission (CFTC). The company is an affiliate and wholly owned subsidiary of Gemini Space Station, Inc. (trading under the Gemini brand), which established Gemini Titan to host prediction markets and, over time, expand into other derivatives products for U.S. customers.

Gemini Titan, LLC provides a centralized exchange platform for customers to trade fiat‑collateralized event contracts that settle in U.S. dollars, with trading conducted through web and mobile interfaces integrated with Gemini’s existing digital asset accounts. Its markets are designed to offer price discovery and liquidity for event risk, and the firm has signaled plans to explore additional listed futures and options products, including perpetual contracts tied to bitcoin and other cryptocurrencies, positioning Gemini Titan at the intersection of prediction markets and digital‑asset derivatives.

History

Gemini Titan, LLC traces its origins to Gemini Trust Company’s efforts in the late 2010s and early 2020s to expand its regulated digital-asset business into derivatives and event contracts. Gemini Trust Company initially filed a Form DCM application to operate a designated contract market in its own name, but later determined to pursue the license through a new entity, Gemini Titan, LLC, according to CFTC records.

Gemini Titan submitted an updated Form DCM and supporting exhibits describing its proposed exchange platform, referred to as the “Platform,” and explaining how it would comply with the CFTC’s designated contract market core principles. The application materials state that “Titan” will establish rules, surveillance and governance arrangements to meet statutory requirements, with members entering orders into the platform that are matched and cleared to form contracts.

On December 10, 2025, Gemini announced that the CFTC had approved Gemini Titan, LLC’s registration as a designated contract market, making it a fully regulated U.S. exchange for event contracts. Legal and industry analyses noted that Gemini Titan became the first “crypto‑native” exchange operator to obtain a DCM license specifically to operate prediction markets for U.S. retail investors, marking a milestone for regulated digital-asset firms expanding into event‑contract trading.

CFTC records list Gemini Titan, LLC as a designated contract market under docket number 44472, with a designation date of December 10, 2025. Following designation, Gemini Titan filed product self‑certifications with the CFTC under Part 40 of the commission’s regulations, including submissions describing its initial event‑contract offerings and settlement mechanics, which are structured as binary contracts that pay a fixed amount depending on whether a defined outcome occurs.

Gemini’s public communications following the approval emphasized that U.S. customers would be able to trade event contracts using U.S. dollars held in their Gemini accounts, initially through the firm’s web interface, with mobile access to be added later. Coverage on financial news and commentary platforms highlighted the decision as part of a broader trend in which U.S. regulators signaled greater openness to granting DCM licenses to digital‑asset exchanges offering prediction-market services for retail investors.

Products and Services

Gemini Titan’s initial product focus is on event contracts traded in a prediction-market format, structured as simple yes‑or‑no questions on future events where contracts pay a fixed amount if the event occurs and zero otherwise. Examples provided in public communications include markets on economic indicators, policy decisions and other real‑world outcomes, with prices quoted between 0 and 1 (dollar) reflecting the market’s assessment of the probability that the event will occur.

These event contracts are economically similar to binary options or event‑linked futures with cash-settled payoffs, and they provide a mechanism for traders to take positions on outcomes for purposes of speculation, information aggregation or hedging exposures to specific events. Because contracts settle in U.S. dollars through Gemini accounts, the structure relies on centralized custody and post‑trade settlement processes rather than tokenized or on‑chain delivery, distinguishing the platform from decentralized prediction protocols while aligning it with CFTC‑regulated market infrastructure.

Gemini has announced that Gemini Titan will consider expanding its suite of derivatives products for U.S. customers to include futures, options and perpetual contracts (“perps”) referencing bitcoin and other cryptocurrencies, subject to regulatory requirements and product approvals. In communications with investors and the public, Gemini has described perps as the most widely traded derivatives contracts in the crypto industry globally, and has indicated that Gemini Titan may aim to list such instruments in a U.S. regulated setting to bring that activity within the DCM framework.

Market structure and trading platform

The Gemini Titan platform is described in its regulatory filings as a centralized electronic trading system through which members enter orders that are paired to form contracts, with trading conducted under a rulebook that addresses access, trading conduct and market oversight. The system records and stores all order and trade data for at least five years in a searchable, read‑only database, enabling the reconstruction of full audit trails and supporting trade practice surveillance.

Gemini Titan employs automated trade surveillance and real‑time market monitoring tools that load and process daily orders and trades within 24 hours after the trading day, with capabilities to detect and flag trading patterns, compute gains and losses, and reconstruct market activity. While specific details of the underlying match engine and execution algorithms are not disclosed publicly, the platform is required under DCM rules to maintain fair and orderly markets, which typically involves a central order book and execution priority rules such as time/price priority.

As a designated contract market, Gemini Titan is expected to list contracts that are not readily susceptible to manipulation, with contract terms and contract specifications published on its website and in its rulebook. This structure allows the platform to support price discovery and liquidity in event contracts and, if launched, in cryptocurrencies‑linked futures and options, providing a regulated venue for both retail and professional participation, including proprietary trading firms and other institutional investors.

Risk management, clearing and settlement

Gemini Titan’s structure, as described in legal commentary, relies on fiat‑collateralized event contracts with traditional clearing, centralized custody and standard know‑your‑customer and anti-money laundering controls. The exchange’s contracts are cleared using centralized infrastructure, with a central counterparties‑style arrangement in which a clearing entity stands between buyers and sellers to manage counterparty risk management, margin and default procedures, similar to other DCM-registered prediction markets such as Kalshi.

Event contracts on Gemini Titan are cash-settled, with payoffs determined by clearly defined settlement criteria and outcome rules published in contract documentation. This design simplifies settlement and aligns with the practice of other CFTC‑regulated event‑contract exchanges, where event resolution committees or rule‑based processes determine final outcomes to ensure consistent treatment of contracts in line with their terms.

Because customers fund their event‑contract trading with fiat balances in Gemini accounts, the integration between Gemini Titan and Gemini’s broader platform ties prediction‑market activity into existing custody and banks relationships used for on‑ and off‑ramps, subject to applicable regulatory requirements. This structure supports risk management both at the customer level, through collateral and position limits, and at the system level, through clearing, margining and default‑management policies consistent with DCM and clearinghouse expectations.

Compliance and regulatory framework

Gemini Titan’s Exhibit L sets out how the exchange complies with the CFTC’s DCM core principles, including requirements for market integrity, financial resources, trade practice surveillance, and disclosure of contract terms and trading rules. The document describes a regulatory program overseen by a Regulatory Oversight Committee (ROC) of the board, which prepares an annual report on the self‑regulatory program and its expenses for the board and the CFTC.

The exchange maintains rules prohibiting abusive trade practices, manipulation, and fraud, and its rulebook authorizes a Regulatory Compliance Department (RCD) to investigate trading activities, initiate enforcement actions, and respond to CFTC requests. Gemini Titan also commits to standard compliance obligations related to customer identification, anti-money laundering controls and information sharing with regulators and other market authorities, reflecting expectations for DCMs operating event‑contract markets accessible to retail market participants.

Key People

Board of Directors

Gemini Titan’s governance documents provide for a board of directors responsible for overseeing the exchange, including its regulatory program and committees such as the Regulatory Oversight Committee. Publicly available legal and industry commentary identifies Gemini’s co‑founders as key figures in the corporate group’s strategy, but the specific composition of the Gemini Titan, LLC board is not detailed in CFTC exhibits released to the public as of early 2026.

• Tyler Winklevoss, Chair (co‑founder and chief executive officer of Gemini, associated in public disclosures with the announcement of Gemini Titan’s DCM registration and its strategic direction in prediction markets).

Executive Management

Executive management of Gemini Titan, LLC is closely connected to Gemini’s broader leadership team, with Gemini’s chief executive officer and senior executives providing strategic oversight of the exchange’s launch and product roadmap. While Gemini’s press releases and legal analyses emphasize Gemini Titan’s role within the Gemini corporate group, they do not provide a detailed public roster of Titan‑specific officers beyond the roles referenced in regulatory filings, such as chief executive officer and chief regulatory officer.

• Tyler Winklevoss, Chief Executive Officer (co‑founder and chief executive officer of Gemini, who announced the CFTC’s approval of Gemini Titan and oversees the group’s expansion into prediction markets and derivatives through the DCM subsidiary).
• Cameron Winklevoss, President (co‑founder and president of Gemini, involved in the strategic development of the firm’s exchange and derivatives initiatives, including the launch of Gemini Titan as a designated contract market).