On June 6, 2025, Gemini, the cryptocurrency exchange controlled by Cameron and Tyler Winklevoss, announced that it had 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. The company stated that the share count and price range will be determined after the SEC completes its review and market conditions permit a launch.
This move comes just one day after Circle made its successful debut on the New York Stock Exchange (NYSE). Circle, the issuer of the USDC stablecoin, raised nearly $1.1 billion by selling 34 million shares at an IPO price of $31. Its shares debuted at $69.50, soaring approximately 124% above the IPO price, and quickly surged to $103.75 within 30 minutes. Although the stock closed the first session at $83.23, it surged back to all – time highs on June 6, hitting a peak of $123.52 and trading at $119.21 as of press time.
The success of Circle’s IPO has attracted widespread attention, indicating strong investor demand and renewed enthusiasm for digital asset infrastructure firms. It is believed that the positive performance of Circle’s shares may also have a promoting effect on Gemini’s IPO process. Industry watchers noted that the success of an IPO as big as Circle could prompt other digital asset companies to follow suit and pursue listings in the US.
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