A crypto exchange platform backed by the billionaire Winklevoss twins has submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
In a press release, Gemini announces that it has sent a confidential draft registration statement to the regulatory agency related to the public offering of its stock.
Though the price and number of the shares have yet to be determined, the firm says that it expects a listing “after the SEC completes its review process, subject to market and other conditions.”
By filing confidentially, Gemini can keep some of its crucial financial data private while testing public demand for its stock. Filing confidentially also allows firms to prevent potential early market reactions or strategies employed by competitors to hinder them.
In March, it was reported that Gemini was working with investment banking giants Goldman Sachs and Citigroup to go public as an IPO is typically underwritten by investment banks, which also arrange for the shares to be listed on stock exchanges.
Earlier this week, stablecoin issuer Circle – which first announced its plans to go public back in 2021 – saw its shares skyrocket on its first day as a publicly traded company.
In a recent thread, pseudonymous analyst Pentoshi tells his 866,200 followers on the social media platform X that crypto-related firms going public may spark a fresh bubble in the industry.
“Looks like all the money is going to be made in crypto companies doing IPOs at wild valuations. Deeper pockets, more liquidity, higher valuations. Another bubble is brewing, another bubble to chase.”
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