Hang ten: Gemini joins the crypto IPO wave

Global cryptocurrency exchanges are racing to go public, and Gemini is the latest to join the pack, announcing plans for a US $317 million fundraising through an initial public offering (IPO). Co-founded by Cameron and Tyler Winklevoss, Gemini’s IPO plans would value the company at US $2.3 billion, with shares expected to debut between $17-$19 under the ticker GEMI. While the official listing date is yet to be confirmed, Gemini’s move to go public underscores a broader shift: crypto firms are increasingly turning to public markets in pursuit of capital, stability and legitimacy.

Several major players have already joined the IPO wave to date:

1. Circle, issuer of the USDC stablecoin, staged the largest crypto IPO since Coinbase. Its shares more than doubled to $69 at its opening, from its debut price of $31.
   

2. Bullish, an institutional focused cryptocurrency exchange, raised US $1.15 billion from its IPO, with its stock peaking at $118, and now has a $45 price target.
   

3. eToro, the trading and investment platform, raised approximately US $620 million in its IPO, with its stock trading at $67 a share on its debut, 29% ahead of its $52 debut price.
   

4. Kraken is reportedly eyeing an IPO in early 2026, and seeking a US $15 billion valuation and to raise $500 million.

Why move towards the public market?

Capital and credibility

IPOs offer crypto firms access to stable, large-scale funding while delivering the legitimacy of traditional financial markets. This shift is especially appealing to the sector amid the volatility of private fundraising and token sales.

Regulatory clarity

The US regulatory landscape has shifted dramatically in the last year, with the early 2025 GENIUS Act providing clarity for stablecoin issuers and mandating full backing of stablecoins with cash or US treasuries. Together with anticipated market structure reforms, these changes are encouraging responsible innovation and growth.

Political tailwinds

Under the Trump administration, regulators have pivoted their approach on enforcement, refocusing on fraud and shelving long-running cases involving regulatory compliance. The Securities and Exchange Commission (SEC) dropped its long-running securities lawsuit against Kraken in March, and has paused its case into Gemini’s crypto lending program. This political shift has reduced legal uncertainty across the sector.

Who is rushing to go public?

The entities heading to public markets share a common thread as Josef Schuster, CEO of IPOX told Reuters:

With the current administration strongly supportive of the space, the (IPO) pipeline is likely to remain active for well-structured, compliance-forward players.

Those who have made the move are aligning themselves with regulatory frameworks and CTF/AML obligations of traditional financial institutions, such as Circle’s move to end TRON support prior to its IPO and Bullish’s decision to receive IPO proceeds in stablecoin.

What happens after the IPO?

While IPOs spark initial investor excitement, the public market tends to cool post-debut, prompting questions and critiques on the long-term valuations of these entities. Despite the regulatory shift towards industry adoption, earnings will come under scrutiny as listed companies face quarterly earnings calls. This cooling effect is reflective of Coinbase’s IPO, with its shares rocketing to $429 above its debut price of $250, and now sitting at $300. The public markets also have potential to magnify the impact of crypto market cycles.

Moving forward

Gemini’s IPO marks another chapter in crypto’s (somewhat ironic) evolution from fringe finance to mainstream market contender. As companies like Circle, Bullish, and eToro pave the way (with Kraken waiting in the wings), the message is clear: public markets are becoming a new frontier for crypto capital and credibility. With regulatory clarity improving, the IPO wave reflects a maturing industry ready to play by the rules, raise serious/institutional capital, and reshape the financial system from within.

Written by Steven Pettigrove, Tahlia Kelly and Luke Higgins