Gemini Confidentially Files for US IPO Amid Crypto Market Revival

Crypto exchange eyes public debut as industry recovers, signaling growing investor confidence

Crypto exchange Gemini Trust Company LLC has confidentially filed for an initial public offering (IPO) in the United States, sources familiar with the matter revealed on Friday, marking a major step in the resurgence of the digital asset industry. The move comes as cryptocurrencies recover from a prolonged bear market, and public interest in blockchain-based businesses heats up once again.

Gemini Takes Its First Steps Toward Public Listing

Gemini, founded in 2014 by Cameron and Tyler Winklevoss, confidentially submitted its IPO paperwork to the U.S. Securities and Exchange Commission (SEC), according to a Reuters report[1]. While details of the filing—including the number of shares to be offered and the target valuation—have not been made public, the confidential submission allows Gemini to keep financial information under wraps until closer to the IPO date.

The company declined to comment further on its filing, citing regulatory requirements. “We are always exploring avenues to further our mission of unlocking the next era of financial, creative, and personal freedom,” a spokesperson for Gemini told Reuters.

Industry Context: Crypto Listings Back in Favor

Crypto-related firms have had a turbulent history with public listings, especially after several high-profile collapses and regulatory crackdowns over the past three years. However, the sector appears to be regaining momentum in 2025, buoyed by rising bitcoin prices and renewed hope for clearer U.S. regulation.

Gemini’s IPO push follows the successful public market debuts of rivals like Coinbase and Europe’s Bitpanda. Daniel Ives, managing director at Wedbush Securities, said, “A Gemini IPO would send a strong signal that the crypto industry is entering a more mature and regulated phase. Investors are showing renewed appetite for digital asset exposure in public markets.”

Gemini’s Position and Strategy

Gemini is one of the most recognized crypto trading platforms in the United States, known for its compliance-first approach and robust security measures. In 2022 and 2023, the company faced scrutiny following the bankruptcy of its lending partner Genesis Global Capital, which left thousands of customer accounts frozen. The Winklevoss twins recently reached a $1.1 billion settlement with affected customers, clearing a significant hurdle for the exchange ahead of its IPO.

By going public, Gemini could secure critical funding for expansion and product development. “An IPO could help Gemini compete with not only U.S. rivals but also a growing list of international exchanges,” said Lisa Ellis, a fintech analyst at MoffettNathanson.

Broader Market Implications

Experts say a Gemini IPO might serve as a bellwether for the entire cryptocurrency industry. “If the SEC greenlights this listing, it could set a precedent for other crypto firms seeking access to public capital,” said Angela Lee, professor of finance at Columbia Business School.

Still, challenges remain. Regulatory uncertainty, concerns over crypto volatility, and lingering skepticism among institutional investors may weigh on Gemini’s ambitions. “The industry is still adjusting to heightened scrutiny and evolving rules,” said Ellis. “While there’s growing excitement, caution is warranted.”

What’s Next for Investors and the Industry?

Although details remain confidential, Gemini’s IPO could debut as soon as late 2025, depending on market conditions and regulatory approvals. Investors are watching closely, as the deal’s success or failure could shape the pace of future crypto-related offerings. “There’s a sense that this could be a make-or-break moment for crypto’s relationship with Wall Street,” said Ives.

Sources Used:

Reuters — Crypto firm Gemini confidentially files for US IPO

Bloomberg, “Winklevoss Twins Reach $1.1 Billion Settlement Over Genesis Bankruptcy,” May 2025.

The Wall Street Journal, “Crypto Firms Test IPO Waters as Regulations Evolve,” April 2025.

Interviews with Daniel Ives, Wedbush Securities; Lisa Ellis, MoffettNathanson; Angela Lee, Columbia Business School.