Gemini Space Station Inc., the cryptocurrency exchange and custody platform established by Cameron and Tyler Winklevoss, is taking significant steps towards becoming publicly traded.

On June 6, 2025, the firm announced it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) to signal its intent for an initial public offering (IPO) of its Class A common stock.

Key Points

• Gemini is the latest crypto firm aiming for an IPO.
• The company has filed with the SEC but has yet to disclose specific information about the size and valuation of the offering.

This move places Gemini alongside a growing number of crypto-native companies that are aspiring to enter traditional capital markets. Notably, Gemini has taken crucial steps towards this, including engaging executives from Goldman Sachs and Citigroup for IPO advisory services. Previously, the exchange settled a $5 million lawsuit with the Commodity Futures Trading Commission, and the SEC concluded its inquiries into Gemini’s operations earlier this year.

The timing of this development coincides with a resurgence of interest in digital asset IPOs, particularly following Circle (CRCL) trading its shares on the New York Stock Exchange (NYSE) this week. Circle’s stock surged by 264% on its first trading day, marking a significant event in the IPO landscape for digital assets.

If successfully completed, Gemini’s IPO would represent a pivotal moment not merely for the company, but for the broader cryptocurrency sector’s quest for mainstream financial validation.

The IPO is set to progress following SEC review and contingent upon market conditions, following standard disclosure protocols.