Gemini's IPO: Following in Circle's Footsteps
Twinning Circle's Favored Public Keys for Bitcoin Strategy
Gemini Twinning with Circle, Set to Go Public
In a move akin to sibling rivalry, crypto exchange Gemini has confirmed its intention to go public - following closely behind USDC issuer Circle, which recently made its explosive NYSE debut.
Rumors swirled in February and March that Gemini, operational since 2015, aimed to pull the trigger on a public offering. Long-known for its position as a compliant and secure bridge between traditional finance and digital assets, Gemini offers spot trading, staking, and custodial services.
While the firm has not officially retired its stablecoin, the Gemini Dollar (GUSD), it hasn't seen much action since the Gemini Earn program shut down in 2022. GUSD market capitalization plummeted from $140 million to $51 million, as per CoinGecko data.
Analysts believe that more crypto companies might take the plunge into the IPO scene after Circle's triumphant debut, with investors anticipating a continuation of the price surge.
Circle's Sizzling IPO: A Word of Warning
Investor frenzy surrounding Circle's NYSE debut pushed the price three and four times its IPO price in the initial two trading days. But some analysts caution against jumping on the CRCL bandwagon right away.
Dom Kwok, co-founder of the Web3 development tutoring app EasyA, advises waiting 90-180 days after the IPO to invest. This timeframe allows for price discovery and for the lockup period to expire. The lockup period prevents early investors and insiders from offloading their shares for a specified time following the public offering.
A disgruntled "first 20" former Circle employee even took to X, the SEC's platform for corporate disclosures, to complain about having to use Robinhood to purchase IPO shares. Two hours later, he confessed to exercising his options and selling secondary shares, boasting about his 57 liquid shares while his former colleagues are still in the lockup period.
STRIDE: Swinging for the Fences
Crypto enthusiast and Bitcoin scion Michael Saylor's company, Strategy, has upsized its offering of high-yield preferred stock to fuel its Bitcoin buys. Dubbed STRD, this stock stands to pay a tantalizing 10% yield.
While STRD is subordinated to previous preferred stock offerings, STRK, and STRF, and carries more risk for investors, Saylor asserts that it should deliver higher returns. The STRD dividends are discretionary, meaning they're not guaranteed if a payment is missed.
Miners Shine: Bitcoin Production Hits Record Highs
May saw record-breaking Bitcoin production, pushing up miner stocks. MARA Holdings, Riot Platforms, and HIVE Digital have all seen gains of 7.2%, 11.4%, and 10%, respectively, in the past day.
Circle IPO = Bullish for Ethereum
Analysts predict that Circle's IPO craze is extremely bullish for the Ethereum network. As USDC usage expands, it should result in increased liquidity for DeFi and boost enthusiasm for building on Ethereum.
Expert Insights
Gemini IPO status - Gemini confidentially filed a draft registration statement with the SEC for an IPO as of June 6, 2025. The number of shares to be offered and the price range have yet to be determined. The IPO is expected to proceed after the SEC completes its review process, subject to market and other conditions.
Circle IPO impact - While there is no direct information on how Circle's debut has affected Gemini's IPO status since the filing, analysts believe that more crypto companies might feel ready to pursue an IPO after Circle's success.
Edited by Andrew Hayward
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- Gemini, resembling Circle, plans to go public, aiming to bridge the gap between traditional finance and digital assets, offering spot trading, staking, and custodial services.
- Despite not officially retiring the Gemini Dollar (GUSD), its market capitalization has dwindled from $140 million to $51 million due to the Gemini Earn program shutting down in 2022.
- Analysts predict that more crypto companies may follow Circle's lead and opt for an IPO, with investors anticipating continued price surges.
- Circle's IPO created investor frenzy, pushing the price three and four times its IPO price in the initial two trading days, but some caution against immediate investment.
- Dom Kwok, co-founder of EasyA, suggests waiting 90-180 days after the IPO to invest, allowing for price discovery and expiration of the lockup period.
- Strategy, Michael Saylor's company, has increased its offering of high-yield preferred stock, STRD, to fund Bitcoin purchases, offering a 10% yield but bearing more risk for investors.
- Bitcoin production hit record highs in May, boosting miner stocks such as MARA Holdings, Riot Platforms, and HIVE Digital.
- Analysts believe that Circle's IPO is extremely bullish for the Ethereum network, potentially increasing DeFi liquidity and enthusiasm for building on Ethereum.
- Experts suggest that the SEC's review process and market conditions will determine the timing and terms of Gemini's IPO, with Circle's success possibly motivating other crypto companies to pursue IPOs.
