Gemini Exchange Submits Request for IPO

Cryptocurrency exchange Gemini has filed a confidential Form S-1 with the U.S. Securities and Exchange Commission (SEC) to conduct an initial public offering.

The IPO is planned to take place after the regulatory review process is completed. At the moment, the company has not specified either the exact number of securities to be issued or the expected range of their value. This step has become another sign of the crypto industry's growing interest in traditional financial markets and follows shortly after the successful entry of Circle, which issued the USDC stablecoin, into the stock market. Its IPO raised $1.1 billion with a 25-fold oversubscription, and the company's market valuation reached $6.9 billion. On the day of its debut on the New York Stock Exchange, Circle shares under the ticker CRCL soared by 168%, and by the end of trading on June 6, their value increased by another 30%, bringing the capitalization to $21.6 billion.

It is worth noting that the founders of Gemini, brothers Tyler and Cameron Winklevoss, have long been involved in political processes. In the summer of 2024, they provided financial support to Donald Trump's election campaign, transferring $1 million in bitcoins to his fund. In February 2025, the SEC dropped its investigation into Gemini, which became part of a broader move by the regulator to regulate relations with key players in the crypto industry.

To strengthen the team and prepare for a stock market listing, Gemini in March appointed Dan Chen, formerly a vice president at Affirm, as its new CFO. He said he “wants to help the platform scale and develop its financial strategy for its next growth phase,” which could be an important signal to investors and the market as a whole.