Circle ignites the listing boom in the cryptocurrency sector as cryptocurrency exchange and custodian Gemini submits IPO application

Zhitong
2025.06.07 03:18

Cryptocurrency exchange Gemini has secretly submitted an IPO application, expected to proceed after SEC review. The backdrop for this listing is the successful listing of Circle Internet Group on the New York Stock Exchange, with a significant rise in stock price and performance exceeding expectations, encouraging other cryptocurrency companies to consider going public. BitGo Inc. and Kraken are also considering IPO plans

According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, cryptocurrency exchange and custody provider Gemini, founded by Cameron Winklevoss and Tyler Winklevoss, has secretly filed for an IPO.

The registration statement draft does not disclose the specific scale and pricing details of this issuance. The IPO is expected to proceed after the SEC completes its review process.

As preparations for the listing are underway, U.S. regulators have softened their regulatory stance towards Gemini and the entire cryptocurrency industry. In February of this year, the SEC concluded its investigation into the exchange.

Circle ignites the listing wave in the cryptocurrency sector

Earlier this week, stablecoin issuer Circle Internet Group (CRCL.US) completed its listing on the New York Stock Exchange, with its stock significantly rising in the first two trading days.

Circle's initial public offering (IPO) performance exceeded everyone's expectations, pricing far above the previously anticipated issuance price range, with the final subscription amount being more than 20 times the issuance volume. The company's stock price more than doubled shortly after opening, ultimately closing with a gain of up to 168%.

Circle's $1.1 billion IPO is the most notable cryptocurrency IPO since Coinbase (COIN.US) went public directly in 2021. Circle's performance may instill greater confidence in other cryptocurrency companies looking to go public.

Reports indicate that cryptocurrency custody company BitGo Inc. is considering an IPO later this year. Sources reveal that one of the oldest cryptocurrency exchanges, Kraken, is preparing to go public in early 2026

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