Gemini prepares for IPO after Circle successful NYSE debut

Cryptocurrency exchange Gemini has taken a major step toward becoming a publicly traded company by confidentially submitting a draft registration statement (Form S-1) to the U.S. Securities and Exchange Commission (SEC).
This move places Gemini among a growing list of crypto firms seeking broader market exposure through an initial public offering (IPO).
Details of the planned IPO
According to a press release from the exchange, the proposed offering concerns Class A common stock, though specific details such as the number of shares and price range have not yet been disclosed. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini has not set a date for the IPO, which will depend on the completion of the SEC’s review process and market conditions.
Circle’s successful IPO and market reaction
The filing came just one day after stablecoin issuer Circle made headlines with its debut on the New York Stock Exchange (NYSE), raising over $1 billion through its own IPO. The back-to-back announcements have sparked renewed interest in crypto equities among institutional investors, with Goldman Sachs and Citigroup reportedly showing interest.
The Significance of Gemini’s IPO for the Industry
While Gemini’s filing remains confidential, its implications are substantial. The IPO could further validate the legitimacy of regulated crypto platforms in the U.S., especially at a time when investor sentiment appears to be rebounding from past regulatory tensions. It also adds momentum to an already heated IPO market, recently energized by offerings from companies like Circle and AI infrastructure provider CoreWeave.
Past challenges and the company’s resilience
Gemini’s path has not been without regulatory friction. In early 2023, the SEC took action against its “Earn” program, alleging the sale of unregistered securities. Nevertheless, the platform’s ongoing development and potential public debut reflect its resilience in navigating a highly regulated landscape.
IPO potential and market signal
With a prior valuation of $7.1 billion and a reputation for regulatory compliance, Gemini’s move to go public could serve as a key signal of crypto’s maturation within traditional finance.
Notably, in March 2025, Gemini appointed Dan Chen as its new Chief Financial Officer, fueling speculation that the company may be positioning itself for major changes under the Trump administration.