Gemini Takes Step Toward IPO in Confidential Filing: Crypto IPOs Heat Up

Gemini Space Station, Inc., a well established cryptocurrency exchange by the Winklevoss brothers, has filed for a confidential Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). According to the announcement on June 6, 2025, Gemini submitted a draft registration statement in Form S-1 with the SEC to offer its Class A common stock.

However, since the Gemini filing was confidential, the details regarding the number of shares of Class A common stock to be sold remain unknown. Moreover, the Gemini IPO is expected to take place after the SEC completes the review process.

Gemini IPO Confirms Crypto Season

The filing of the Gemini IPO follows its recent legal settlement with the Commodity Futures Trading Commission (CFTC), which resulted in a $5 million settlement from the crypto exchange. Additionally, the U.S. SEC closed its investigations on Gemini, which gave the company confidence to file for an IPO.

The Gemini IPO coincides with the recently closed Circle Internet Group Inc. (NYSE: CRCL), which currently has a market cap of about $15 billion. More crypto IPOs are expected in the coming quarters, with Wall Street expecting Kraken, Bullish, and BitGo exchanges soon.

Market Impact

The notable filings of IPOs by crypto-related firms in the recent past solidifies the mainstream adoption of blockchain technology and digital assets. With the U.S. SEC likely to approve the Gemini IPO, especially following the recent move on the Circle deal, more crypto related companies are likely to move in the same direction.

Consequently, it is safe to assume more crypto bull markets will happen in the coming years catalyzed by institutional cash and clear crypto regulatory frameworks.