Gemini, the popular cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has confidentially filed a draft registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of Class A common stock. This news comes as the exchange looks to join a growing list of digital asset companies pursuing US listings.
According to a statement released on June 6, Gemini stated that the share count and price range for the IPO will be determined once regulators complete their review and market conditions permit a launch. This move follows reports from February 7 that indicated Gemini had begun discussions with advisers about going public within the year.
In order to proceed with the IPO, Gemini must now respond to SEC comments, update financial statements, and set offer terms before marketing shares to investors. The SEC must declare the registration effective before sales can officially begin.
The timing of Gemini’s filing coincides with Circle’s recent debut on the New York Stock Exchange (NYSE) on June 5. Circle, a stablecoin issuer, saw its CRCL shares initially priced at $31, which quickly surged to $103.75 within 30 minutes of trading. Despite closing the first session at $83.23, CRCL saw a resurgence in the following trading session, reaching all-time highs and currently trading at $119.21.
Market participants have pointed to Circle’s successful IPO as a catalyst for other private crypto firms looking to tap into US capital markets. Investment banks are reportedly gearing up for more IPOs in the digital asset space, with Kraken rumored to be preparing for its own IPO next year.
Gemini’s filing comes at a time when favorable equity market conditions are encouraging executives in the crypto space to act quickly. With the potential for more digital asset companies to follow suit and pursue US listings, the landscape of the cryptocurrency market could see significant changes in the near future.
Overall, Gemini’s IPO filing represents a significant milestone for the exchange and the broader crypto industry as it continues to gain traction in traditional financial markets. As more companies in the space look to go public, the future of cryptocurrencies and blockchain technology appears to be increasingly intertwined with traditional finance.