Gemini Takes Step Towards Public Listing Amid Crypto Surge
The cryptocurrency watchers may soon see another major player hit global markets, as digital asset platform Gemini has lodged confidential documentation with the U.S. Securities and Exchange Commission (SEC), initiating the process for a potential initial public offering (IPO).
Gemini, founded by Cameron and Tyler Winklevoss in 2014, is preparing to offer shares of its Class A common stock to the public. At this stage, neither the pricing nor the volume of shares has been disclosed. The filing was made via a draft registration under Form S-1, a standard requirement for companies seeking to go public in the United States.
Although details remain limited, the IPO is not expected to proceed until after the SEC has completed its assessment. Timing will also depend on broader market dynamics and investor interest.
Image 1 (source: PYMNTS)
Changing Global Sentiment Towards Crypto
The announcement aligns with increasing optimism surrounding digital currencies. Gemini recently released its 2025 Global State of Crypto report, which reflects stronger adoption of cryptocurrency across several international markets. The study shows that in countries such as the United States, United Kingdom, France, and Singapore, ownership of digital assets rose from 21% in 2024 to 24% in 2025.
One of the likely contributors to this upward trend is the current U.S. political approach to cryptocurrency. Since Donald J. Trump resumed the presidency in January 2025, his administration has taken several steps that favour the digital finance sector. These include the formation of a Strategic Bitcoin Reserve and the appointment of pro-crypto leadership at the SEC. Furthermore, the administration has backed proposed legislation to establish guidelines for stablecoins and digital assets.
These initiatives appear to be strengthening public confidence. Gemini’s data suggests that approximately 23% of American adults who do not currently own crypto have expressed improved trust in digital currencies following Trump’s Bitcoin Reserve policy. Similarly, residents of Singapore and the UK showed increased confidence, with around one in five non-investors acknowledging the policy’s influence on their perception of crypto.
The findings suggest that this new regulatory and political climate may be inspiring those who had previously avoided digital assets to reconsider. For a sector that has experienced several years of sluggish growth, the interest of these “first-time” investors could drive a significant shift in momentum.
Image 2: The Winklevoss brothers (Source: Cryptofalka)
Timing Aligns with Market Enthusiasm
The move by Gemini comes as IPO activity in the tech and blockchain sectors gains traction. Just one day prior to Gemini’s filing, Circle, a stablecoin issuer best known for managing USDC, saw major success on its debut trading day. Its share price rose by 167%, with further gains recorded the following day. Interest from large-scale investors such as BlackRock and ARK Investment underlines the high demand.
CoreWeave, another firm focused on cloud infrastructure, also enjoyed a substantial boost after going public earlier in the year. According to financial data, its share price climbed 158% over the past month, reflecting strong investor appetite in emerging tech sectors.
This backdrop may have influenced Gemini’s decision to move forward with a public offering. With renewed investor energy and political support, market conditions seem favourable for digital asset firms to seek public funding and visibility.
Positioning for the Future
Gemini’s submission signals not only its own ambitions but also broader confidence in the sector’s direction. The firm, which previously achieved a valuation of $7.1 billion in a 2021 funding round, appears to be capitalising on a more supportive environment after several challenging years for the crypto market.
Though it has faced regulatory scrutiny in the past—particularly over its “Earn” program, which drew complaints from the SEC in 2023—the company now seems poised to expand under a more crypto-friendly administration.
Both founders, Cameron and Tyler Winklevoss, have also shown strong political engagement. Each reportedly donated $1 million to Donald Trump’s re-election campaign, although these contributions were eventually returned due to exceeding legal contribution limits.
The current setting offers a compelling opportunity for Gemini. With increasing public interest, supportive government policy, and successful recent IPOs in the same industry, the company is stepping into what may be a highly receptive market.
While the IPO is still in the early stages and subject to regulatory review, Gemini’s actions suggest it is preparing for a significant transformation—from a private crypto exchange to a public company with broader reach and influence.
