Winklevosses’ Gemini Files for IPO Amid Surge in Crypto Listings

As per the announcement, Gemini intends to list its shares on the Nasdaq Global Select Market under the ticker symbol “GEMI” and has assembled a prominent group of underwriters. Goldman Sachs & Co. LLC and Citigroup will serve as lead bookrunners, joined by Morgan Stanley and Cantor Fitzgerald. The broader syndicate includes Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods (a Stifel Company), Needham & Company, and Rosenblatt as bookrunners, with Academy Securities and AmeriVet Securities acting as co-managers.

The filing makes clear that neither the number of shares to be offered nor the price range has been determined. The IPO's timing and size will depend on SEC approval, market conditions, and regulatory developments.

Gemini’s S-1 filing reveals a challenging financial picture for the first half of 2025, showing widening losses and declining revenues compared with the same period in 2024.

Gemini’s move follows the broader industry wave of crypto and fintech companies tapping public markets. The dialogue around its confidential filing echoes similar actions by peers such as Circle. A confidential filing allows Gemini to begin the IPO process discreetly, with public disclosure of financial details coming at a later stage.

The timing of Gemini’s filing is particularly notable, coming shortly after Circle’s successful debut on the NYSE. This market enthusiasm likely played a role in encouraging Gemini’s public offering plans.

Gemini’s IPO ambitions unfold amid a shifting regulatory landscape. Earlier in 2025, the company benefited from U.S. regulatory clarity as certain federal investigations were settled. Meanwhile, increased institutional adoption of crypto, spot bitcoin ETFs, and Coinbase's inclusion in the S&P 500 have helped improve sentiment toward crypto firms.

The IPO filing also arrives amid broader regulatory progress in 2025, following Gemini’s $5 million settlement with the CFTC in January and the SEC closing its prior investigation without enforcement action. These developments have bolstered investor confidence by underscoring Gemini’s commitment to compliance and offering a cleaner regulatory slate as it pursues public listing

Gemini will need to demonstrate how it can distinguish itself from established competitors like Coinbase. The company’s ability to build a sustainable model around both trading and custody services, while earning long-term trust and proving its growth potential, will be central to how investors view its market position.

The S-1 filing must be reviewed and declared effective by the SEC before any securities can be sold. The IPO will proceed only when market sentiment is favorable, and the final pricing and share counts will be established at that time. Gemini has not yet disclosed how it plans to use the proceeds from the offering. If successful, Gemini will become the third publicly traded cryptocurrency exchange in the U.S.

Gemini’s public offering hopes follow notable reactions to recent crypto IPOs, with Circle’s shares more than doubling on their debut. This surge has reignited market enthusiasm for digital asset listings, though historical data from Nasdaq shows that many IPOs lose momentum within a year, suggesting that investors may benefit from a cautious, long-term approach.

Gemini’s S-1 filing highlights its ambition to enter public markets at a time of growing momentum for digital assets. While the company has reported recent losses, this is not unusual for firms in a high-growth sector preparing for expansion. Backed by a strong roster of underwriters and buoyed by improving sentiment around crypto adoption, Gemini is positioning itself for what could be a landmark financial milestone. Its ability to navigate the regulatory process and capture market opportunities will be central to shaping its trajectory as a future public company.