- Gemini filed for an IPO to raise funds and repay debt while moving users to Moonbase.
- Bullish and Circle IPOs drew heavy demand as crypto stocks surged on the first trading day.
- US laws and Trump policies built trust as Coinbase entered the S&P 500 this year.
Crypto exchanges are accelerating IPO plans despite losses, seizing the favorable policy climate and investor appetite. Gemini’s public S-1 filing with the SEC on Friday follows its confidential June submission and comes just two days after Bullish’s strong New York debut. This surge in listings suggests urgency tied to survival, reputation, and access to capital.
Gemini’s Filing and Strategic Plans
The firm, founded in 2014 by Tyler and Cameron Winklevoss, has announced its plans to list on the Nasdaq Global Select Market under the ticker GEMI. The company has yet to list out the number of shares, price range, or timeline for the IPO. Gemini made it clear that proceeds will be used for general corporate purposes and repayment of third-party debt.
The filing also disclosed a corporate shift. Most users will transition to a Florida-based entity called Moonbase, while Gemini Trust will continue operations in New York. New York remains one of the toughest regulatory environments due to its BitLicense rules. Gemini currently offers staking in every U.S. state except New York, highlighting the regulatory divergence.
In addition to this, Gemini operates in over 60 countries, supports more than 70 cryptocurrencies, and issues the Gemini Dollar, a stablecoin pegged to the U.S. dollar. The company’s IPO will be backed by underwriters, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, with Academy Securities and AmeriVet Securities serving as its fellow managers.
IPO Momentum Across the Sector
Gemini’s announcement follows a string of high-profile listings. Bullish, a crypto exchange targeting institutional clients, saw its shares more than triple from a $37 offering to nearly $70 by Friday’s close. Earlier, Circle, the stablecoin issuer, also staged a blockbuster debut, signaling robust demand for digital asset equities.
Bullish’s debut on Wednesday made it the second-listed crypto exchange in the United States after Coinbase Global. Gemini, once public, will join as the third. Other firms, including OKX, Kraken, and Grayscale, have also indicated plans to pursue listings.
According to Reuters, IPO activity in the United States has rebounded in the past months after slowing earlier this year due to trade policy uncertainty. Investors have shown demand for digital asset companies, encouraged by regulatory clarity and improving sentiment.
Regulatory Climate and Market Outlook
The political and regulatory environment has shifted significantly in 2025. Since President Trump’s return to the White House in January, the SEC has dropped nearly all lawsuits against crypto firms. Last month, Trump signed the GENIUS Act, creating a U.S. framework for stablecoins, which has attracted renewed confidence across the sector.
Related: Winklevoss Says JPMorgan Blocked Gemini Onboarding Over Fee Dispute
The regulatory improvements mark a watershed moment for crypto companies that endured more than a decade of global scrutiny. Coinbase’s inclusion in the S&P 500 earlier this year further reflects the sector’s integration into mainstream finance.
Industry leaders have framed this moment as a shift from speculation to sustainability. Nick Jones, founder of crypto firm Zumo, said institutional investors now demand proof points such as regulated products and established clients. Michael Ashley Schulman of Running Point Capital added that investors will assess how Gemini’s mix of trading and custody differentiates from Coinbase’s model.
This convergence of policy clarity, market appetite, and corporate need explains the IPO rush. Exchanges seek capital for operations and reputation-building, while investors chase exposure in a maturing, though fragile, industry.
