Gemini expected to publicly file for US IPO - sources
Gemini, a cryptocurrency exchange run by billionaire twins Tyler and Cameron Winklevoss, is jostling to be among the first to tap the IPO market after Labor Day.
The offering’s syndicate, led by Goldman Sachs and Citigroup, plans to flip its listing application public later this week, a banker on the deal said, adding that the company is aiming to raise US$500m. The company already filed confidentially in June.
Once it makes its listing documents public, Gemini can launch its offering as early as 15 days after, allowing the company to launch the share sale immediately after the Labor Day holiday. Morgan Stanley and Cantor are also in the syndicate, the banker said.
Representatives of Goldman and Citigroup declined to comment. Gemini didn’t return emails for comment.
Gemini has been talking with potential investors through testing the water meetings, an investor who participated in the process told IFR.
With fellow crypto exchange operator Bullish having more than doubled on its first day of trading, issuers and bankers are banking on the current red-hot IPO sentiment carrying through the rest of the year and into 2026. On top of that, cryptocurrency IPOs are having their moment right now as bitcoin hovers near a record-high US$122,275.
Bullish raised an upsized US$1.1bn Tuesday when it priced its offering of 30m primary shares at a robust US$37.00, above the upwardly revised US$32–33 marketing.
Circle Internet, which went public just two months, is in the market with a 10m share follow-on offering that is scheduled to price after the market close Thursday, just 71 days after pricing its $1.05bn Nasdaq IPO.
Following the late Tuesday launch of Circle’s follow-on offering, the USDC stablecoin provider’s shares were trading late Wednesday at US$153.01, 393% above the US$31.00 price at which it went public.
Founded in 2014, Gemini operates a trading platform enabling investors to buy, sell and store crypto tokens. It also acquired wealth management platform Bitria in 2022 to provide registered investment advisors access and tools for managing crypto assets.