Gemini Files Confidential S-1 with SEC, Signals Robust Crypto IPO Market

Gemini’s IPO Move Amid Crypto Market Surge

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has confidentially filed a draft S-1 registration statement with the U.S. SEC on June 6, 2025, marking a significant step toward an initial public offering (IPO).

Gemini’s filing was submitted through a confidential process, with the number of shares and price range for its Class A common stock remaining undisclosed; the timing of the IPO is subject to SEC review and prevailing market conditions.

The filing, announced on June 7 2025, positions Gemini to ride a resurgent crypto-IPO wave sparked by Circle Internet Group’s blockbuster NYSE debut one day earlier. Circle sold 34 million shares and raised roughly $1.05 billion, with its stock more than doubling from the $31 offer price on day one, making it the largest U.S. crypto listing since Coinbase in 2021.

GSR strategist Carlos Guzman said “I suspect we’ll be seeing several crypto companies accelerating their IPO plans now that Circle has revealed Wall Street’s appetite,” while Blockworks co-founder Jason Yanowitz said a handful of companies he spoke with are pulling timelines forward after watching Wall Street’s appetite for crypto equities.

Notably, Gemini’s filing was foreshadowed by Bloomberg reports in March 2025.

Strategic Timing and Regulatory Context

Gemini’s IPO filing aligns with a broader wave of optimism in the crypto sector, driven by recent policy developments. The exchange’s leadership, including founders Cameron and Tyler Winklevoss, attended a White House digital asset summit in 2025, engaging with policymakers to discuss crypto-friendly regulations.

This followed Gemini’s resolution of regulatory hurdles, including a $5 million settlement with the Commodity Futures Trading Commission (CFTC) and the SEC’s closure of an investigation into its “Earn” program in 2023.

The company’s valuation, previously pegged at $7.1 billion after a $400 million funding round in November 2021, underscores its market stature.

Industry Implications and Market Sentiment

Gemini’s IPO filing signals a broader trend of crypto firms seeking public market access, spurred by Circle’s success and a supportive policy environment.

Posts on X reflect market enthusiasm, with Crypto Town Hall, a crypto-focused media outlet, noting, “Gemini’s IPO move shows crypto is no longer a niche—public markets are ready for digital assets”.

Similarly, Eleanor Terrett, a financial journalist at FOX Business, highlighted the filing’s dependence on SEC review and market conditions, underscoring the regulatory scrutiny still facing the sector.

Industry observers predict Gemini’s IPO which is after Circle, could catalyze a wave of additional crypto listings. As the crypto market matures, Gemini’s public debut could mark a pivotal moment for the industry’s integration into mainstream finance.