The U.S.-based cryptocurrency exchange Gemini officially launched the IPO process by submitting a confidential S-1 filing to the U.S. Securities and Exchange Commission (SEC) on June 6, 2025. Founded by the Winklevoss twins, this crypto giant drew attention by taking this step right after Circle’s successful IPO, in a period where confidence in the digital asset market has been revitalized.
Confidential S-1 Filing: Gemini Quietly Takes Action
Gemini’s filing was submitted as a “confidential” S-1 document under U.S. regulations. This means a preliminary registration reviewed by the SEC, where details such as pricing, number of shares, and timing are not made public. Although the exact date of the IPO has not been announced, the process will become official once the SEC review is completed.
This type of filing allows companies to manage the process without public pressure. Gemini’s strategic move aims to increase corporate transparency, gain investor confidence, and become more tightly integrated with regulations.
Circle’s Success Was an Inspiration
Gemini’s IPO move came right after Circle’s striking debut on the New York Stock Exchange on June 5. Circle, which had an opening price of $31, closed the day at $83.23, nearly tripling in value. This development reflected public market confidence in crypto projects.
As the second major crypto company to go public after Coinbase, Circle’s success also mobilized other industry players. Gemini’s step sends a strong signal that the IPO momentum in the sector is gaining strength.
Gemini’s Financial Position and Strategic Partnerships
During the IPO process, Gemini is working with major investment banks like Goldman Sachs and Citigroup. This shows that the company is not just a crypto exchange, but has also reached institutional-level financial, technological, and legal maturity.
The IPO will provide Gemini with multiple advantages such as financial transparency, GAAP-compliant reporting, regulatory integration, and access to a broader investor base.
Close Ties with the Trump Administration Draw Attention
Gemini’s IPO move comes in a politically favorable environment for crypto. Donald Trump’s pro-crypto stance and his new appointments to institutions like the SEC have made the U.S. regulatory climate more moderate.
It is known that the Winklevoss twins donated millions of dollars in Bitcoin to Trump. This suggests that Gemini has established strong ties with the Trump administration, which could strengthen its hand in the regulatory process.
Why It Matters
Gemini’s IPO plan results from a combination of multiple factors: Circle’s success, the softening regulatory environment, and the renewed investor interest in crypto assets. This development:
- Opens a new entry point for institutional investors.
- Reinforces the belief that the crypto industry is “here to stay.”
- Could trigger a domino effect of IPOs among crypto companies.
