Gemini has confidentially filed for a US initial public offering (IPO), aiming to capture the renewed interest in digital assets. The filing with the Securities and Exchange Commission (SEC) was submitted on June 6, following the strong debut of Circle Internet on the New York Stock Exchange.
Rising Institutional Demand and Crypto Market Momentum
Gemini’s move comes at a time when market dynamics are shifting significantly in favor of crypto-linked businesses. Circle’s listing saw its stock jump nearly 170 % on day one, and then another 44 %, valuing the company at over $31 billion. That performance signals strong appetite among institutional investors for crypto-native firms.
Analysts attribute this momentum to an improved macroeconomic and regulatory backdrop. The election of President Donald Trump, who has promised industry-supportive policies, and the closing of a regulatory investigation into Gemini earlier this year, have combined to boost confidence. Trump’s pledge to roll back regulations placed by the SEC under former Chair Gary Gensler has been well received across crypto circles.
Behind the scenes, Gemini is doing its homework: the confidential S‑1 filing allows flexibility to refine financials and target investor sentiment without immediate public scrutiny. Banking giants Goldman Sachs and Citigroup are reportedly advising on the IPO, preparing to attract large institutional players.
Political Wind at Gemini’s Back
The Winklevoss twins have emerged as ardent supporters of pro-crypto policy. Their significant donations to Trump’s campaign and pro-crypto PACs underscore their political commitment. Already among the largest private holders of bitcoin, with around 70,000 coins at a time when the asset trades near $105,000 – just shy of its all-time high – their public alignment strengthens the narrative that crypto and conservative politics are converging.
That outlook also reflects the sector’s growing mainstream legitimacy. Bitcoin’s surge past $100,000, the approval of US spot‐bitcoin ETFs, and Coinbase’s recent inclusion in the S&P 500 all contribute to a broader shift.
IPO Market Reviving Amid Lower Volatility
After a slump caused by geopolitical tensions and macroeconomic uncertainty earlier this spring, the US IPO market is stirring back to life. Metrics like the Vix index, a fear gauge, have fallen from above 50 in early April to below 20, a level more hospitable for IPOs. As Nasdaq veteran Karen Snow observes, “90 % of US IPOs take place when the Vix is at 25 or below”.
This environment encouraged other crypto and fintech firms to enter the public markets. San Francisco‑based Chime is targeting an IPO later this month, while eToro and design software firm Figma have also made filings or listings.
What It Means for Crypto’s Future
Gemini’s IPO pursuit marks both a tactical and symbolic milestone. On a company level, going public would provide Gemini with fresh capital to scale operations and compete with exchanges like Coinbase and Kraken. Institutional money flowing in could also strengthen liquidity on its platform.
On a broader scale, more crypto-native firms tapping public markets reinforces the sector’s growing legitimacy. With each successful listing, regulatory clarity tends to follow, drawing further institutional participation. Gemini’s potential public valuation will serve as a real‑time barometer for how much confidence Wall Street has in digital asset platforms.
However, uncertainty persists. The lack of detail in the confidential filing means timing, valuation and scale of the IPO remain open questions. Much depends on how quickly the SEC completes its review, and whether broader market conditions, like inflation and interest rate movements, hold steady.
Still, the overall trend is clear: crypto firms that survived the 2022–23 shakeouts—primarily by cleaning house and securing regulatory clearance—are now getting a second chance in the spotlight. Gemini fits that narrative. It resolved SEC inquiries, navigated legal challenges like its “Earn” programme, and now appears election-ready.
