Gemini Quietly Prepares for Its IPO Debut

Gemini makes a strategic move by filing an IPO draft with the SEC. In an industry where every initiative from a historical player can redirect the market, the platform founded by the Winklevoss brothers aligns itself with traditional finance without denying its crypto roots. Amid regulatory easing and renewed enthusiasm for cryptos, this decision is not just a simple tactical move, as it lays the foundation for a new balance between decentralized innovation and classic stock market infrastructures.

An IPO draft under the seal of confidentiality

After Coinbase’s IPO on May 19, 2025, Gemini Space Station, Inc. announced it has confidentially filed a draft registration statement with the Securities and Exchange Commission (SEC). The filing, made under Rule 135 of the Securities Act of 1933, allows Gemini to prepare its listing while keeping the details of the operation discreet.

No quantitative data has been made public so far, neither about the number of shares offered nor the expected valuation.

The company’s official statement specifies:

Any offer, solicitation of an offer to buy, or sale of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

Gemini indicates that the actual launch of the IPO will depend both on the SEC’s review and market conditions. This approach confirms the platform’s intention to further integrate into traditional financial infrastructure while respecting U.S. legal constraints.

Here are the key points to remember:

• A confidential filing: submitted to the SEC without disclosure of the price or volume of the issuance;
• No announced date for the IPO, which remains conditioned by regulatory approval and market climate;
• Compliance with the legal framework: the announcement relies on Rule 135 of the Securities Act, which authorizes minimal communication;
• A strategic positioning: the goal is clear, to list Gemini among crypto actors as Coinbase did before;
• No specified listing venue: neither Nasdaq nor NYSE has been mentioned at this stage.

This first phase, discreet but significant, fits into a long-term expansion strategy for Gemini, in a shifting regulatory context.

A revealing timing and strategic alignment

Gemini’s initiative goes beyond a corporate decision. It fits into a momentum of transformation in the American crypto landscape. This filing comes less than 24 hours after Trump Media and Technology Group Corp. (DJT) filed an S-1 form for a Bitcoin ETF linked to Truth Social.

This synchronicity highlights the intensification of financial projects backed by crypto, in a context where regulators seem to be adopting a more flexible stance.

At the Bitcoin Conference 2025 in Las Vegas, the founders of Gemini, Cameron and Tyler Winklevoss, spoke alongside presidential advisor David Sacks, responsible for AI and cryptos.

Cameron declared: “Bitcoin is gold 2.0 and that’s been true since day one.” He even estimated that the bitcoin price could reach “one million dollars per coin” by extrapolating the total gold market capitalization.

Tyler Winklevoss, meanwhile, praised the current momentum and emphasized: “It is hard to imagine another president could have done a fraction of what has already been accomplished in just over 100 days”, referring to the easing of several regulatory norms, including the withdrawal of SAB 121 and the relaxation of bank constraints regarding holding bitcoins.

These statements, combined with regulatory news, outline a new trajectory for crypto companies. The current climate, marked by a withdrawal from the DOJ’s “regulation through enforcement” approach, seems to offer Gemini a favorable ground to take the step towards traditional financial markets. This IPO could thus strengthen the platform’s legitimacy, much like Circle’s explosion of forecasts during its IPO, but also encourage other players in the sector to follow the same path.