tldr
Winklevoss gives Gemini until Monday to accept “best” offer:

• Tyler and Cameron reportedly want $38 million for the exchange’s ownership stake of Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) & others — more than $160,000 per coin of BTC held by the exchange.
• After receiving multiple bids from rival exchanges Circle Internet Financial Ltd., Coinbase Inc., Kraken Inc., and Intercontinental Exchange Inc. (ICE) as well as other interested parties like XRP II LLC, they opted to go with the best bid received so far which was that from their competing U.S.-based exchange.
• However, the pair only wants to sell their stakes at valuations above those used in recent public securities sales. As such, some market participants believe there is “very low likelihood” the deal would receive regulatory approval if announced.
• This could potentially lead to a price drop should a sale occur given how much liquidity the exchange has provided during past crypto bear markets. One estimate suggests the exchange holds around 40,000-70,000 bitcoins.
• A total sale of all Gemini stakes — minus the founders and early employees who have pledged to retain their shares — could raise as much as $589 million based on current prices.
• While CEO Tyler Winklevoss told CNBC last month her company had hired investment bank Cantor Fitzgerald LP to explore raising capital via a stock listing, any move to bring shares to the public markets may now be put off due to these recent developments as doing both simultaneously would likely violate SEC rules against public companies having affiliated entities actively acquiring additional equity interests.