Gemini confidentially filed paperwork related to its initial public offering, the firm said June 6, becoming the fourth cryptocurrency-related firm to target listing in 2025.
The listing, expected “after the SEC completes its review process, subject to market and other conditions,” will be close on the heels of stablecoin issuer Circle’s. Circle’s stock (CRCL) opened on the New York Stock Exchange on June 5 at $69, more than double its $31 IPO price and well above the expected price range of $24 to $26.
CRCL was $117.98 at 1:30 p.m. Wednesday.
Crypto firms eToro, a social investment fintech, and Galaxy Digital, which creates crypto and artificial intelligence infrastructure, have also filed for their IPO this year, and started trading May 14 and 16, respectively.
Bullish, a crypto exchange backed by billionaire Peter Thiel, has also confidentially filed for its IPO, Financial Times reported Tuesday – making it 2025’s fifth.
Chris Perkins, president of crypto-native investment firm CoinFund, called public markets “back in vogue” under a more “innovation-friendly [Securities and Exchange Commission].”
“The Circle IPO showed the amount of pent-up demand for crypto-oriented companies. Recent news about Gemini, Bullish and others makes it feel like the IPO ‘window’ could turn into an IPO floodgate. But it doesn't stop there,” Perkins said in an email to Banking Dive. “A flurry of reverse merger crypto acquisition companies and SPAC deals are also bringing crypto to public equity markets. It's a new era.”
ByBit’s recent Crypto Insights Report makes a similar prediction, naming Consensys, Ledger, Fireblocks and Kraken as strong IPO contenders in the crypto sphere.
“As the crypto landscape continues to mature, these IPOs could not only excite investors, but also further legitimize the role of cryptocurrencies in the global economy,” Bybit wrote.
Gemini’s announcement confirms a March Bloomberg report and comes less than four months after the SEC closed the book on its two-year battle with Gemini.
The current SEC, under the leadership of former Acting Chairman Mark T. Uyeda and Chairman Paul Atkins, has made decisions far afield from those of the SEC under Biden-era Chair Gary Gensler. Gemini is one of many crypto firms whose charges by the SEC have been abandoned since January.
“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation,” wrote Cameron Winklevoss, Gemini co-founder, on social media platform X in February. “Of course Gemini is not alone. The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America.”
Moving forward, regulatory clarity is “foundational” for crypto firms, Gemini Chief Financial Officer Dan Chen told CFO Dive in a recent interview.
“Regulatory clarity is, simply put, an ability for business to know what the rules are and how to remain in compliance with the rules,” Chen said. “And I think the mode we’re in now, where regulators are investing the time to create frameworks that are clear, that are concise and allow businesses to operate, is essential.”
