tl;dr
Gemini has confidentially filed an IPO draft with the US SEC to offer Class A common stock, with share count and price pending regulator review and market conditions. Gemini plans to respond to SEC comments, update financials, and set terms before marketing shares. This move follows Circle’s success...
Gemini has confidentially filed a draft registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of Class A common stock. The final share count and price range will be determined after regulatory review and favorable market conditions. Gemini plans to address SEC comments, update financials, and set terms before marketing shares to investors.
This move follows Circle’s successful debut on the New York Stock Exchange (NYSE), where shares soared to new all-time highs near $124, reflecting strong investor enthusiasm for revenue-generating crypto platforms. Circle’s stock opened at $31, swiftly jumped to $103.75 within the first 30 minutes, and continued to climb to a peak of $123.52, closing later at $119.21.
Market analysts view Circle’s IPO success as a significant catalyst for other crypto firms considering public listings, including Kraken and Gemini. Kraken is reportedly preparing its IPO for next year, with major investment banks Goldman Sachs and JPMorgan potentially leading the process. The wave of public listings signals a growing trend of crypto exchanges leveraging favorable equity markets to access capital.
Investment experts like Blockworks co-founder Jason Yanowitz highlight this period as a “go time” for crypto IPOs, with Moonrock Capital’s CEO Simon Dedic emphasizing that public investors are willing to pay premium valuations for platforms generating solid revenues. Bitwise’s senior investment strategist Juan Leon noted that Circle’s first-day return ranks among the top 10 US IPOs in the last year, underscoring the market’s appetite for crypto-related equities.
Gemini’s confidential filing and Circle’s strong market performance together illustrate a dynamic shift as digital asset firms increasingly move toward mainstream capital markets, signaling optimism and strategic positioning amid a supportive regulatory environment and investor demand.