Gemini files confidential S-1 with SEC in road to IPO

Gemini announced its intentions to go public just a day after Circle’s IPO

share

Gemini announced that it filed a confidential draft S-1 with the Securities and Exchange Commission on Friday. 

The filing is one of the first steps for the crypto firm to go public through an initial public offering. 

The S-1, however, isn’t public yet, but Gemini said that it expects its IPO to move forward following the review process from the SEC. 

The move comes just a day after Circle debuted on the New York Stock Exchange in an IPO that was pretty successful. The stock was priced at $31 at an offering of 34 million shares, but started trading at $69 a share. It closed up over 160% at $83 a share on Thursday. 

Read more: Did Circle execute its IPO ‘perfectly’

Industry watchers noted that the success of an IPO as big as Circle could spur others to quickly follow in the stablecoins footsteps. 

“I suspect we’ll be seeing several crypto companies accelerating their IPO plans now that Circle has revealed Wall Street’s appetite,” GSR’s Carlos Guzman told Blockworks.

Empire co-host and Blockworks co-founder Jason Yanowitz said that he spoke to a couple of firms in crypto that were pulling their IPO timelines forward because of the stablecoin issuer. 

Loading Tweet..

Bloomberg reported in March that the Winklevoss-led firm was considering going public, saying that it could hit the public markets as soon as this year. 

Both Cameron and Tyler Winklevoss have been supporters of President Donald Trump’s pro-crypto administration, and were also in attendance at the Crypto Ball earlier this year. 

Gemini didn’t immediately return a request for comment.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

The $135 million raise shows that TradFi giants are serious about crypto adoption

article-image

The banking system still processes payments like it’s 1975. Crypto might have a fix.

article-image

Fiserv’s launch follows Senate passage of the GENIUS Act for stablecoin regulation.

article-image

Bitcoin is emerging as “the new standard for long-term corporate resilience,” Swan Bitcoin CIO says

article-image

Cybersecurity experts explain how the attack could have been prevented