Gemini goes down the IPO route, amid rising crypto market optimism
IPO filing a sign of growing Wall Street interest in digital assets
In a notable shift within the stablecoin and crypto markets, Circle’s USDC followed Tether’s USDT in May, recording $263.77 million in on-chain transaction volume, according to Visa’s on-chain analytics.
This was followed by Circle’s high-profile debut on the New York Stock Exchange, where the USDC stablecoin issuer successfully raised over $1 billion through its Class A stock offering.
Gemini files for IPO
Seeing this, Gemini, led by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States.
According to a recent statement, Gemini submitted a draft registration on Form S-1 to the U.S Securities and Exchange Commission. This marks a crucial milestone in taking its Class A common stock public.
These back-to-back developments highlight growing investor appetite for crypto firms, including among traditional financial institutions.
Worth noting, however, that despite all the excitement, Gemini’s co-founders have not yet publicly addressed the move. Additionally, the SEC has also not clarified the exact timing of its review, keeping the market attentive as regulations progress.
“You take it” – IPO experts react to timing
Reactions to this announcement have been diverse. For example – Matt Kennedy, Senior Strategist at Renaissance Capital, a provider of IPO-focused research and ETFs, noted,
“Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded. Crypto can be an unpredictable market, so when you get a chance like this, you take it.”
IPOX’s Kat Liu echoed this shift, adding that crypto firms with structured business models in high-growth verticals now look better positioned to go public.
This tailwind comes on the back of sentiment gradually tilting back in favor of digital assets, both retail and institutional.
For Gemini, this IPO move also follows its commitment to fully reimburse users affected by its defunct Earn program – An effort to restore user trust before going public.
