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Gemini, the cryptocurrency exchange run by the Winklevoss twins, has filed to list in the US, aiming to capitalise on soaring investor demand for some of the digital asset industry’s biggest names.
The company said on Friday it had filed confidential paperwork with the Securities and Exchange Commission for an initial public offering, a day after stablecoin operator Circle more than doubled on its debut in New York.
A confidential filing with US regulators allows companies to progress their plans to list before publicly unveiling their financials closer to pursuing a flotation.
Investor enthusiasm for crypto assets in the US has been rekindled by the election of President Donald Trump, who promised industry-friendly policies and a reversal of the crackdown under Joe Biden and former SEC chair Gary Gensler. Gemini has been one of the beneficiaries, with US regulators closing an investigation against it in February.
Cameron and Tyler Winklevoss, who founded Gemini in 2014, were among the most vocal critics of the regulatory clampdown on digital assets companies. Both became active supporters of Trump, contributing to his campaign and to a political action committee funded by the industry to support pro-crypto politicians in Washington.
The two men are also among the largest personal holders of bitcoin, with about 70,000 coins. Bitcoin is trading at about $105,000, just shy of its record high.
Gemini’s announcement comes a day after stablecoin operator Circle Internet soared almost 170 per cent on its Wall Street debut, having increased both the number of shares on offer and their price in response to strong investor demand. The stock rose a further 44 per cent on Friday to give it a fully diluted market capitalisation of more than $31bn.
The US IPO market is flickering back to life after Trump’s aggressive trade war rocked global equity markets over the spring, delaying several large tech listings to the frustration of investment bankers who had expected a rush of deals under the new administration.
Stocks have rebounded over the past two months as the Trump administration has rowed back from some of its more bombastic tariff plans, while the Vix index, a so-called fear gauge that prices expectations for future stock market volatility, has fallen back below 20 from a high above 50 in early April.
“The IPO market does not love volatility,” said Karen Snow, chief executive of Rose & Co Capital Advisors and Nasdaq’s former global head of listings. “About 90 per cent of [US] IPOs take place when the Vix is at 25 or below.”
On Monday, San Francisco-based fintech Chime Financial said it hoped to raise up to $832mn in an IPO later this month, albeit at a far lower valuation than it sought four years ago. Shares in retail trading platform eToro have climbed more than 30 per cent since it listed on Nasdaq in mid-May, and product design software group Figma filed for an IPO in mid-April.
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