After Circle’s IPO, Crypto Exchange Gemini Takes Next Step Toward Listing With SEC Filing

The Winklevoss twins are taking another swing at Wall Street, this time through an initial public offering. Their cryptocurrency exchange, Gemini, has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), following stablecoin issuer Circle’s recent listing.

Following the Circle IPO Listing

Gemini’s confidential submission of a Form S-1 signals a major strategic step. According to Coindesk, the firm has not disclosed the size or expected valuation of the offering, but the move adds Gemini to a growing cohort of crypto-native companies angling for access to traditional capital markets.

This wave of filings follows renewed investor interest, highlighted by stablecoin issuer Circle’s explosive NYSE debut this week. On their first trading day, Circle’s shares surged nearly 234% from their IPO price.

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Gemini’s IPO efforts come after a series of cleanup moves. Earlier this year, the SEC concluded an investigation into the company. Gemini also settled a $5 million lawsuit with the Commodity Futures Trading Commission (CFTC), removing major regulatory hurdles ahead of a listing.

To prepare for the transition, the company hired Goldman Sachs and Citigroup as financial advisors, indicating it plans to court institutional investors in earnest.

Still Waiting on SEC Review and Market Conditions

The company stressed that the IPO would launch only after a regulatory review and would depend on market conditions. The confidential nature of the filing allows Gemini to keep its plans flexible while gauging investor appetite and finalizing financial disclosures.

If successful, the IPO would represent a milestone for Gemini and the broader crypto industry, which continues to push for acceptance in the regulated financial sphere.

The listing would also mark a significant evolution for Cameron and Tyler Winklevoss, who have spent over a decade working to legitimize digital assets in the eyes of regulators and investors alike.

Gemini is seeking to benefit from the success of eToro's IPO and, more recently, Circle’s listing. The latter's listing, which led to an explosive stock market debut on Thursday, delivered the first major public test of crypto’s payment infrastructure ambitions.

When the stablecoin issuer behind USDC began trading on the New York Stock Exchange, its shares soared well above expectations, pushing the firm’s valuation to nearly $19 billion.