Gemini, a major cryptocurrency exchange, filed a draft registration for an IPO with the U.S. SEC. The filing was made confidentially on Form S-1, letting Gemini prepare for a public debut without revealing sensitive details right away.
The exchange did not state how many shares it plans to sell or the price range for those shares. No date has been set for when the IPO will happen.
The decision to file for an IPO comes as uncertainty from trade tensions has faded. Investors now feel more confident, and digital asset firms see a chance to attract traditional money. Gemini’s move follows a string of other crypto firms planning or completing public offerings.
Gemini Beginnings
Gemini was started in 2014 by Cameron and Tyler Winklevoss as a platform to buy and sell Bitcoin and other coins. In November 2021, the company raised $400 million in a funding round that valued it at $7.1 billion.
By late 2022, Gemini had about one thousand employees. However, during the crypto downturn that followed, the exchange trimmed its staff.
Recent Crypto IPO Moves
Initial public offerings are becoming common in the crypto world. Digital asset companies see stronger investor interest and clearer rules. A wave of firms now hopes to go public to secure funds and boost credibility.
Earlier this week, Circle, the issuer of the USD Coin stablecoin, went public on the New York Stock Exchange. Its debut drew attention when shares soared on the first day of trading.
Matt Kennedy, a senior strategist at Renaissance Capital, said that other crypto firms would be wise to pursue listings after watching Circle’s strong performance. He noted that the crypto market is unpredictable, so companies should act when conditions look good.
Hong Kong-based Animoca Brands is also aiming for the U.S. markets. The blockchain investment group plans to list in New York, seeking to tap into American capital. Animoca has built a reputation in NFT gaming and digital ownership, and it wants to expand its reach with more funding.
Meanwhile, Israeli trading platform eToro revealed its plan to list on Nasdaq. The company aims to raise $500 million by selling ten million Class A shares at a price range of $46 to $50 per share.
This would give eToro a valuation of $4 billion. The listing could help eToro scale its global operations and bring more transparency to its business.
The Winklevoss Brothers’ Role
Cameron and Tyler Winklevoss have played a key part in pushing crypto forward. Early believers in Bitcoin, they founded Gemini to build a reliable exchange that follows clear rules.
Their public profiles have helped Bitcoin gain more widespread acceptance. They have also funded other blockchain projects and spoken often about digital assets in interviews and at conferences. Their support has given newcomers more confidence in joining the market.
Impact on the Industry
These filings reflect a shift in how crypto companies view their future. Public markets can provide fresh capital and greater oversight. That can help firms build trust with wider audiences and regulators.
As more exchanges and service providers seek listings, the crypto sector looks set to bridge further into traditional finance.