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Gemini, a cryptocurrency exchange run by Winklevoss Twins, has submitted a list to the US with the aim of surge in investors’ demand for some of the digital asset industry’s biggest names.
The company said Friday it filed confidential documents with the Securities and Exchange Commission for its first public offering the day after its New York debut more than doubled.
Secret submissions with US regulators allow companies to move forward with plans to list their list before they publish their finances that approach a pursuit of emerging.
Investor enthusiasm for US crypto assets has been rekindled with President Donald Trump’s election. President Donald Trump has pledged to reverse industry-friendly policies and crackdowns under Joe Biden and former SEC chairman Gary Gensler. Gemini is one of the beneficiaries, and US regulators concluded an investigation in February.
Cameron and Tyler Winklevoss, who founded Gemini in 2014, were among the close critics of digital asset companies’ regulation. Both became active supporters of Trump, contributed to his campaign and contributed to the industry-funded Political Action Committee to support Washington’s pro-cryptic politicians.
The two men are one of Bitcoin’s biggest private holders, with around 70,000 coins. Bitcoin is trading at around $105,000 and is shy about its record high.
Gemini’s announcement comes after a day after Stablecoin Operator Circle Internet surged almost 170% with its Wall Street debut, increasing both its shares on offer and its price in response to strong investors’ demand. Shares rose another 44% on Friday, giving them a fully diluted market capitalization of over $31 billion.
The US IPO market has slowed several large technology lists to the frustration of investment bankers who were hoping for a rush of trading under the new administration after Trump’s aggressive trade war shook global stock markets in the spring.
Stocks have recovered over the past two months as the Trump administration has returned from some of its bolder tariff plans. Meanwhile, the VIX index is a so-called fear gauge in which expectations for future stock market volatility exceeded 20 in early April and fell below 20.
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“The IPO market doesn’t love volatility,” said Karen Snow, CEO of Rose & Co Capital Advisors and former global list head at Nasdaq. “If your VIX is below 25, approximately 90% of (US) IPOs occur.”
On Monday, San Francisco-based Fintech Chime Financial said it hopes to raise up to $832 million later this month, despite a much lower rating than it was four years ago. Stocks in the retail trading platform have risen more than 30% since it was listed on NASDAQ in mid-May, with product design software group Figma filed for an IPO in mid-April.
