Gemini explores IPO as crypto firms push listings

Key Takeaways

Gemini is exploring an initial public offering potentially as early as this year.
Several major crypto companies are preparing for IPOs, including eToro and Circle.

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Gemini, the crypto exchange led by Cameron and Tyler Winklevoss, is exploring an initial public offering that could take place as early as this year, according to sources familiar with the situation.

Gemini, the cryptocurrency firm backed by the billionaire Winklevoss twins, is considering an IPO as soon as this year https://t.co/oqWbt5wZ5H

— Bloomberg (@business) February 6, 2025

The company is currently in talks with potential advisors, but nothing has been finalized yet. Gemini now joins a growing list of major crypto firms considering public market debuts, driven by a surge of optimism fueled by the recent pro-crypto government stance.

As the largest among these companies, Gemini’s move stands out and could set the tone for others.

Bullish Global, a crypto exchange operator backed by Peter Thiel, is working with Jefferies Financial Group and JPMorgan on a potential IPO this year.

Looks like Bullish Global is going public

They raised $4.1B from the EOS ICO in 2018

Pivoted to an investment management company

Now manage over $10B across various digital assets and businesses

Will we see more of these?ICO -> failed product -> acquisition holding co -> IPO pic.twitter.com/7zCZPyEWrq

— Prithvir (@Prithvir12) February 5, 2025

Social trading platform eToro has confidentially filed for a US IPO, targeting a valuation above $5 billion. The company aims to list in New York by the second quarter of 2025 with Goldman Sachs, Jefferies, and UBS managing the offering.

Circle, the company behind the USD Coin (USDC) stablecoin, has also submitted confidential IPO paperwork to the Securities and Exchange Commission and awaits regulatory approval.

Ripple, the firm associated with XRP, also has stated its intention to go public, but ongoing SEC legal challenges have complicated its timeline, making a 2025 listing unlikely.

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