Circle IPO Spurs Gemini’s Move Toward Public Listing
The Essentials at a Glance
The stablecoin issuer Circle has sent a strong signal to the crypto market with its successful IPO. Over 1 billion US dollars were raised through the issuance of Class A shares on the New York Stock Exchange. In response, Gemini, the crypto exchange founded by the Winklevoss twins, has confidentially filed documents for its own IPO with the U.S. Securities and Exchange Commission (SEC). These developments indicate growing institutional investor interest in regulated crypto companies.
Circle Sets Standards with Successful IPO
Circle, the operator of the USDC stablecoin, recorded a remarkable transaction volume of 263.77 million US dollars on the blockchain in May 2025, according to data from Visa. Shortly thereafter, the IPO took place on the New York Stock Exchange (NYSE), where Circle was able to raise over 1 billion US dollars through the sale of Class A shares. This move is seen as a milestone for the acceptance of stablecoin providers in the traditional financial sector.
Gemini Files Confidential IPO Documents
Encouraged by Circle’s success, Gemini has taken a major step towards going public. The company has filed a confidential registration statement (Form S-1) with the SEC. With this, Gemini plans to publicly offer its Class A common stock. A specific timeline for the SEC’s review is currently not available, creating uncertainty in the market.
Market Sentiment: Crypto Companies Sensing Opportunity
Market observers view the timing as favorable. Matt Kennedy of Renaissance Capital emphasizes that crypto companies with IPO plans should act now: “If an opportunity like Circle’s arises, you have to seize it.” Kat Liu of IPOX also sees crypto firms with clear business models in growth sectors as well-positioned for an IPO. The overall market climate shows a cautious return of confidence in digital assets—both among retail and institutional investors.
Gemini’s Strategy: Regaining Trust
Gemini’s IPO preparation comes in a sensitive context. The company has been under scrutiny since the “Earn” program was discontinued and users are still awaiting repayments. The Winklevoss brothers have announced that affected customers will be fully compensated—a step intended to strengthen trust ahead of the IPO. However, they have not yet made any public statements regarding the IPO.
Our Assessment
Circle’s IPO sends a strong signal to the entire industry. It demonstrates that crypto companies with stable structures and regulatory clarity are increasingly gaining access to traditional capital markets. Gemini’s move is logical, but also fraught with risk—particularly in light of regulatory uncertainties in the U.S. For investors and observers, the key will be how transparently and sustainably Gemini positions itself in the coming months. The trend is clear: the lines between traditional finance and crypto continue to blur.
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