Gemini Files for IPO as Crypto Market Sees Renewed Interest

Gemini has confidentially filed for its IPO, aiming for a 2025 listing amid a resurgence of interest in crypto firm IPOs. This follows Circle’s successful market debut, with Gemini and others like Bullish and Galaxy Digital also looking to go public. The SEC’s recent shift in approach has led to optimism about clearer regulations, essential for the crypto industry’s growth.

Gemini, the cryptocurrency exchange, has taken a significant step towards its initial public offering (IPO) by confidentially filing the necessary paperwork. Announced on June 6, this move positions Gemini as the fourth crypto company aiming for a listing in 2025. The IPO is contingent on the completion of the SEC’s review process and various market conditions, coming shortly after Circle’s recent stock debut.

Circle, a stablecoin issuer, saw its stock (CRCL) begin trading on the New York Stock Exchange on June 5, opening at $69—more than double its initial IPO price of $31. By Wednesday afternoon, CRCL had surged to $117.98, indicating strong market interest in crypto-related stocks. Following closely behind are eToro, a social investment platform, and Galaxy Digital, both of which have filed for IPOs this year and have already commenced trading on May 14 and 16, respectively.

Additionally, Financial Times reported that Bullish, a crypto exchange with backing from billionaire Peter Thiel, has also confidentially submitted its IPO paperwork, which marks it as the fifth crypto firm targeting a listing in 2025. Chris Perkins, president of CoinFund, expressed optimism about public markets revival due to a more innovation-friendly SEC, suggesting that recent developments could lead to a surge in crypto IPOs.

Perkins noted how the Circle IPO highlighted the overwhelming demand for crypto-centric companies. He remarked that recent interest from brands like Gemini and Bullish could result in an influx of IPOs rather than just a few isolated events. Besides that, active reverse merger crypto acquisitions and SPAC deals also contribute to the growing presence of crypto firms in public equity markets, signalling a new era in the industry.

According to ByBit’s latest Crypto Insights Report, firms like Consensys, Ledger, Fireblocks, and Kraken are also seen as potential candidates for upcoming IPOs. The report stresses that as the crypto landscape matures, these listings could generate excitement among investors while adding legitimacy to crypto’s role in the world economy.

Gemini’s recent announcement echoes a report from Bloomberg published back in March and occurs less than four months after the SEC concluded its long-standing conflict with the exchange. The current SEC leadership under Mark T. Uyeda and Paul Atkins has shifted its approach significantly compared to the previous administration under Gary Gensler, leading to the dismissal of charges against various crypto companies, including Gemini, since January.

Cameron Winklevoss, co-founder of Gemini, previously highlighted the significant financial repercussions of the SEC’s actions on the firm, claiming it cost the company tens of millions in legal fees and immense losses in productivity and innovation. He pointed out that many crypto projects faced similar challenges, resulting in broader economic fallout.

Looking to the future, Gemini’s Chief Financial Officer, Dan Chen, emphasized the necessity of regulatory clarity in the crypto sphere. In a recent interview with CFO Dive, Chen articulated that understanding the rules and ensuring compliance is vital for businesses. He indicated that the current trend of regulators creating clearer frameworks is essential for allowing firms to operate effectively in the space.