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

June 6, 2025 01:16 pm

Gemini founders Cameron & Tyler Winklevoss | Rena Schild/Shutterstock modified by Blockworks

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.

Newsletter

Subscribe to The Breakdown

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:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

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

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens