- Gemini filed confidentially with the SEC for a potential IPO, keeping key financial data private during the review process.
- Share price and quantity are not yet decided; listing depends on SEC approval and favorable market conditions later.
Gemini announced this step in a press release. The company stated the number of shares to be offered and their price range remain undecided. The exchange expects its stock listing to happen after the SEC finishes its review. This timing also depends on market conditions.
Choosing a confidential filing allows Gemini practical advantages. It keeps sensitive financial details private during the SEC’s initial review. This approach also helps the company gauge investor demand without revealing all information publicly. Furthermore, it minimizes early reactions in the market or actions competitors might take.
Reports from March indicated Gemini was preparing for this move. The exchange was said to be working with major investment banks Goldman Sachs and Citigroup. Investment banks typically manage the IPO process. They arrange the sale of shares and facilitate listing on a stock exchange.
This news follows the recent public debut of Circle, the company behind the USDC stablecoin. Circle first announced its own IPO plans in 2021. Its shares began trading this week. You can see the price of Circle’s stock increased faster than expected on its first trading day.
The trend of crypto companies seeking public listings has drawn commentary. A well-known analyst using the name Pentoshi shared thoughts with his large online following. Pentoshi suggested these IPOs could lead to a period of intense speculation within the crypto sector.
Looks like all the money is going to be made in crypto companies doing IPO's at wild valuations
Deeper pockets, more liquidity, higher valuations
Another bubble is brewing, another bubble to chase
— 🐧 Pentoshi (@Pentosh1) June 6, 2025
“Looks like all the money is going to be made in crypto companies doing IPOs at wild valuations,” Pentoshi wrote on social media platform X. He pointed to factors like deeper pockets, more accessible trading, and higher valuations. “Another bubble is brewing, another bubble to chase,” he added, implying a cycle similar to past market events.
Gemini’s confidential filing marks a concrete step. However, the actual public offering awaits the SEC’s process and market factors. The outcome for investors remains an open question.
