Gemini also enters IPO… Cryptocurrency offensive toward Wall Street begins in earnest

Gemini, one of the representative cryptocurrency exchanges in the United States, has officially begun the process of listing on the New York Stock Exchange (NYSE). Following the recent stock price surge of stablecoin issuer Circle on its first day of listing, this marks another cryptocurrency company declaring its entry into Wall Street, signaling an acceleration of the digital asset industry's integration into the institutional market.

According to CoinDesk and Reuters on the 6th (local time), Gemini has privately submitted a draft S-1 document to the U.S. Securities and Exchange Commission (SEC) for a public offering of Class A common stock. Goldman Sachs and Citigroup have been selected as lead underwriters, though the specific offering size and company valuation have not yet been disclosed.

Founded by the Winklevoss brothers, Gemini is a platform currently providing trading and custody services for over 70 cryptocurrencies and is considered one of the regulation-friendly exchanges in the United States. Recently, Gemini has settled a lawsuit with the Commodity Futures Trading Commission (CFTC) for $5 million and has completed an investigation with the SEC. Gemini stated that it will determine the IPO schedule considering the SEC's review and market conditions.

Gemini's IPO push, coinciding with Circle's successful listing, is sending a significant signal to the market. Circle recorded a market capitalization of $16.6 billion, surging 168% above its initial public offering price on its first day of NYSE listing, demonstrating that investor demand for cryptocurrency company IPOs remains strong.

The progression from Coinbase's S&P 500 index inclusion, Circle's IPO success, to Gemini's initiation of listing procedures shows that market trust, which had frozen after the 2022 FTX incident, is being revived. Additionally, former President Donald Trump's recent self-proclamation as the "crypto president" and his promise of cryptocurrency-friendly policies are also supporting the trend of institutional entry.

Industry experts noted that "Gemini's IPO will be a turning point for cryptocurrency companies to strengthen their fundraising and regulatory adaptability in traditional financial markets" and predicted that "it is likely to serve as a catalyst for other digital asset companies preparing for future listings".