Gemini — a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss — disclosed Friday it had confidentially filed for a US initial public offering, as digital asset firms seize on renewed market momentum.
Several high-profile companies, including those in high-risk sectors such as crypto and financial technology, have launched successful listings in recent weeks, reflecting pent-up demand and renewed vigor in the capital markets.
Earlier this week, stablecoin issuer Circle went public in a blowout debut on the New York Stock Exchange.
“Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. “Crypto can be an unpredictable market, so when you get a chance like this, you take it.”
The surge in cryptocurrency IPOs signals a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny and capital that could help solidify crypto’s place in traditional financial markets.
Gemini, which operates a trading platform enabling investors to buy, sell and store more than 70 crypto tokens, said it has not yet determined the size or proposed price range for its offering.
“Gemini’s move contributes to the broader momentum and reinforces the idea that crypto-native firms are increasingly preparing to access public markets,” said Kat Liu, vice president at IPOX.
“More broadly, this signals that long-anticipated firms are now ready to reengage with public capital,” Liu added, noting that investor appetite is returning, especially for companies with well-defined business models in strategic sectors such as fintech, AI and digital assets.
The Winklevoss twins shot to fame after they sued Facebook and its CEO Mark Zuckerberg, alleging he had stolen their idea for the social networking site. They agreed to a settlement in 2008, in which they received cash and Facebook stock.
Growing momentum
The global cryptocurrency market is currently valued at roughly $3.3 trillion with bitcoin trading firmly above the key $100,000 apiece milestone, according to data from CoinMarketCap.
“A successful listing would confirm that the crypto thaw is real,” said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. “If equity underwriters smell a new fee stream, expect the calendar to unfreeze for everything from fintech to AI chips.”
The industry, particularly after the approval of spot bitcoin ETFs in the US, has attracted billions in inflows from institutional investors seeking exposure to the asset class.
In May, Coinbase became the first US crypto-focused company to join the S&P 500, a watershed moment for the industry that signaled rising mainstream acceptance of digital assets.
As the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional markets, though analysts caution that volatility and shifting rules still pose challenges.
This marks a sharp turnaround for an industry that spent more than a decade under intense regulatory scrutiny worldwide.
After the collapse of crypto exchange FTX in 2022, many institutional investors retreated from the digital asset market. Prices later recovered, and the sector gained fresh momentum when President Trump voiced support during his campaign, pledging to be a “crypto president.”
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