Crypto Exchange Prepares for Public Debut, Goldman Sachs, JPMorgan to Lead Offering

Crypto exchange Gemini may go public as soon as Q3 2025, according to Wall Street insider Andrew Parish, who revealed fresh details about the firm’s highly anticipated initial public offering (IPO) on X.

The IPO is expected to follow the recent success of Circle’s debut on the NYSE, which has since sparked a wave of interest in crypto-focused public offerings. Parish stated that Goldman Sachs, JPMorgan, and Citi will act as lead underwriters for Gemini’s IPO, backed by the Winklevoss twins.

Gemini confidentially filed a draft S-1 with the U.S. Securities and Exchange Commission (SEC) on June 6, signalling its official move toward becoming a publicly traded company. Another amended S-1 filing and an investor roadshow are expected soon, which will outline the total number of shares to be offered and the expected pricing range.

Gemini is joining a growing list of crypto firms riding the momentum from a more favourable regulatory outlook in the U.S. Alongside eToro, Galaxy Digital, and Grayscale, it hopes to capitalise on booming institutional interest and a more crypto-receptive market climate.

Grayscale, which manages over $33 billion in assets, also submitted a confidential IPO filing with the SEC just days ago. Analysts predict that both Gemini and Grayscale could mirror Circle’s explosive debut, especially if investor demand remains high.

Circle’s IPO has already made headlines, with its market cap jumping to over $42 billion, reflecting a 636% surge in stock price within a month. That success story is now setting a high benchmark for Gemini as it preps its launch.

Should the SEC approve Gemini’s S-1 and market conditions remain favourable, the exchange could be the next major player to take crypto investing mainstream.