Gemini Files for Nasdaq IPO as Crypto Firms Pursue Public Listings

Cryptocurrency exchange Gemini has filed with the U.S. Securities and Exchange Commission (SEC) for a public listing on the Nasdaq, marking a significant step in its strategic move toward capital expansion and institutional validation. The firm, co-founded by Tyler and Cameron Winklevoss in 2014, revealed its S-1 filing on September 13, 2025, following a confidential submission in July. The company intends to list under the ticker “GEMI,” with the Nasdaq Global Select Market serving as the venue for the offering [1].

Though details on the number of shares, pricing range, and timeline remain undisclosed, Gemini has already secured a robust underwriting team. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are set as lead bookrunners, with Academy Securities and AmeriVet Securities acting as co-managers. The involvement of major Wall Street firms underscores the seriousness with which the IPO is being treated and signals a high degree of institutional confidence in the company’s prospects [1].

Gemini’s move aligns with a broader trend in the crypto sector, where several firms are now pursuing public listings. Notably, BitGo and Grayscale have also submitted confidential filings in recent weeks, reflecting a growing appetite for institutional-grade crypto investment vehicles. This shift coincides with a broader IPO market rebound, with U.S. companies raising $39.83 billion from 216 offerings as of mid-August 2025—more than double the 118 offerings in the same period in 2024 [2].

The recent success of Circle’s IPO, a major stablecoin issuer, has further fueled optimism. Its shares nearly doubled on the first day of trading, and the company’s valuation surged to approximately $35 billion. Analysts point to the Genius Act—a recently passed law that provided regulatory clarity for stablecoins—as a key factor driving investor interest and encouraging more firms to pursue IPOs [3].

Gemini’s decision to go public also reflects a broader legitimization of crypto firms within mainstream finance. The company has long emphasized its compliance-driven approach and regulatory cooperation, positioning itself as a responsible player in the space. An IPO is expected to enhance its ability to compete with major exchanges like Coinbase and Kraken by providing access to new capital and greater visibility [1].

The current bull market for cryptocurrencies has further supported the momentum for public listings. Bitcoin reached $120,000, while ether hit $4,619, with analysts forecasting continued growth. Standard Chartered, for example, projects Bitcoin to reach $200,000 and ether to hit $7,500 by the end of 2025. These projections have attracted institutional investors, who are increasingly viewing crypto-native firms as viable additions to traditional portfolios [5].

Despite these positive signals, experts caution that the IPO market remains sensitive to macroeconomic and regulatory shifts. However, the current window of opportunity suggests the crypto sector is entering a new phase of growth and integration with traditional financial markets. Gemini’s filing could set the stage for additional crypto companies to follow suit, offering investors a new category of digital-focused financial assets [6].

Source:

[1] https://decrypt.co/335554/gemini-plans-go-public-nasdaq-crypto-ipos-boom

[2] https://money.usnews.com/investing/news/articles/2025-08-14/trump-fueled-crypto-frenzy-sparks-rush-to-wall-street-ipos

[3] https://www.globalbankingandfinance.com/FINTECH-CRYPTO-IPO-5c65b59d-36b4-4d78-a673-1fe8d83fd012

[6] https://www.thestreet.com/investing/after-circle-and-bullishs-big-debuts-its-time-to-put-these-three-crypto-ipos-on-your-radar