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Crypto Exchanges Push IPOs Amid Losses in Pro-US Climate
As the dust settles on a tumultuous quarter, crypto exchanges are doubling down on their initial public offerings (IPOs) amidst a backdrop of losses. The sudden shift towards listings is attributed to an unprecedented pro-US regulatory climate and an insatiable investor appetite.
This dramatic turn of events comes as Gemini, founded by Cameron and Tyler Winklevoss in 2014, announced its intention to list on the Nasdaq Global Select Market under the ticker GEMI. Although no specific details regarding the number of shares, price range, or timeline for the IPO have been disclosed, it is evident that Gemini will utilize these funds for general corporate purposes and debt repayment.
Notably, the majority of users will transition to a newly established Florida-based entity called Moonbase, while Gemini Trust continues operations in New York. It’s crucial to acknowledge that New York remains one of the most stringent regulatory environments due to its rigid BitLicense rules. The listing also disclosed plans to shift user base to Moonbase.
The announcement follows a string of high-profile listings, with Bullish and Circle drawing significant interest from investors. Interestingly, shares in these exchanges skyrocketed; Bullish’s offering tripled to nearly $70 by the end of the day.
The Winklevoss twins’ venture Gemini is expected to join Coinbase Global as the third US-based crypto exchange to list on a major stock exchange. Other prominent firms such as OKX, Kraken, and Grayscale have also hinted at their intentions to pursue listings.
Recent developments in the regulatory landscape have been instrumental in fostering an atmosphere conducive for IPOs. Since President Trump’s return to office in January 2025, the SEC has dropped almost all lawsuits against crypto firms. Most recently, Trump signed the GENIUS Act, establishing a US framework for stablecoins, thus alleviating concerns and restoring investor confidence.
It appears that Coinbase’s inclusion into the S&P 500 earlier this year further underscores the industry’s integration into mainstream finance. Industry leaders have framed this moment as a transition from speculation to sustainability.
As institutional investors now seek proof points such as regulated products and established clients before investing in crypto companies, Gemini’s IPO aims to fill this gap. Schulman of Running Point Capital emphasized that investors will closely scrutinize how the exchange’s unique mix of trading and custody differentiates itself from Coinbase’s model.
Source: cryptotale.org
