The cryptocurrency industry is experiencing a significant surge in initial public offerings (IPOs), signaling a turning point for the sector. Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for a U.S. IPO, following the successful NYSE debut of stablecoin issuer Circle earlier this week.
Analysts attribute this momentum to growing confidence among digital asset firms to attract mainstream investors, increased transparency, and regulatory scrutiny. The global crypto market is currently valued at around $3.3 trillion, with bitcoin trading above $100,000.
“Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital. “Crypto can be an unpredictable market, so when you get a chance like this, you take it.”
Industry Momentum
The surge in cryptocurrency IPOs reflects a broader trend of digital asset firms preparing to access public markets. “Gemini’s move contributes to the broader momentum and reinforces the idea that crypto-native firms are increasingly preparing to access public markets,” said Kat Liu, vice president at IPOX.
The industry has gained fresh momentum following the approval of spot bitcoin ETFs in the U.S., attracting billions in inflows from institutional investors. In May, Coinbase became the first U.S. crypto-focused company to join the S&P 500, marking a significant milestone for the industry.
As the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional markets. This marks a sharp turnaround for an industry that spent over a decade under intense regulatory scrutiny worldwide.
The recent developments come after a period of recovery for the industry following the collapse of crypto exchange FTX in 2022. The sector gained momentum when U.S. President Donald Trump voiced support during his campaign, pledging to be a “crypto president.”
“A successful listing would confirm that the crypto thaw is real,” said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. “If equity underwriters smell a new fee stream, expect the calendar to unfreeze for everything from fintech to AI chips.”
