Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom

Cryptocurrency exchange Gemini announced Friday that it has submitted a public S-1 filing with the SEC to launch a planned initial public offering, two months after previously revealing a confidential filing with the regulator.

Gemini, which was founded in 2014 by billionaire Bitcoin investors Tyler and Cameron Winklevoss—perhaps best known for their role in the creation of Facebook—plans to list via the Nasdaq Global Select Market under the ticker GEMI.

Details on the number of shares to be offered or the price range have yet to be announced. Similarly, no timeline for the planned IPO has been shared as of yet.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will serve as lead bookrunners, according to a press release, along with several additional bookrunners. Academy Securities and AmeriVet Securities will be co-managers.

The initial confidential SEC filing came soon after the blockbuster IPO of USDC stablecoin issuer Circle, which saw its share price almost immediately triple from the $31 offering mark after trading began in June. It went on to peak at approximately $299, though shares in CRCL have since settled to a price of $149 as of Friday’s markets close.

We saw a similar appetite for crypto IPOs just this week when Bullish, a crypto exchange focused on institutional investors, saw its share price more than triple from the $37 offering mark on the first day of trading. BLSH traded hands at just under $70 at the close of trading Friday.

Crypto firms like OKX, Grayscale, and Kraken have also signaled plans to go public, while major crypto-centric public companies like Coinbase and Strategy have set records in recent weeks.

The regulatory environment has dramatically improved for crypto since President Trump returned to the White House in January, with the SEC abandoning nearly all of its lawsuits against crypto firms and Trump signing the GENIUS Act stablecoin bill into law last month.

Editor’s note: This story was updated after publication with additional details.