Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed Initial Public Offering (IPO) of its Class A common stock. This move confirms earlier reports from February indicating the Winklevoss twins’ intent to take the company public, citing favorable shifts in the U.S. regulatory landscape.
The confidential filing, announced on June 6, signifies a significant step for Gemini towards becoming a publicly traded entity. The number of shares to be offered and the price range for the IPO will be determined after the SEC completes its review and market conditions are deemed suitable. Gemini will now work to address SEC comments, update financial statements, and finalize offer terms before marketing shares to investors.
Gemini’s confidential filing comes just days after stablecoin issuer Circle made a blockbuster debut on the New York Stock Exchange (NYSE) on June 5. Circle’s shares, trading under the ticker CRCL, were initially priced at $31 but quickly surged. After opening at $69, CRCL closed its first session at $83.23 and continued its upward trajectory on June 6, reaching an all-time high of $123.52 before settling around $119.21 at press time, Crypto Slate said in a report.
Industry observers, including Blockworks co-founder Jason Yanowitz and Moonrock Capital CEO Simon Dedic, have highlighted Circle’s success as a clear signal of Wall Street’s increasing appetite for revenue-generating crypto platforms. Bitwise senior investment strategist Juan Leon further noted that Circle’s first-day return ranks among the top 10 U.S. IPOs over the past year.
