Gemini’s $425M IPO marks record year for Web3 listings on Wall Street

The Gemini IPO isn’t the only storyline around the Winklevoss twins this year.

AMBCrypto previously reported their growing ties to President Donald Trump, including a $2 million Bitcoin donation to his 2024 campaign; partly refunded after crossing federal limits.

More recently, they invested in American Bitcoin, a mining company connected to Donald Trump Jr. and Eric Trump, which is preparing to go public through a merger with Gryphon Digital Mining. 

Their appearances at inauguration events, a White House crypto summit, and Trump’s July signing of the GENIUS Act, where he personally acknowledged them, have further elevated their political profile.

Notably, the twins had also recently accused JP Morgan of trying to “kill fintech and crypto companies.”

2025 has already seen a wave of crypto firms go public, though few matched the chaos around stablecoin issuer Circle [USDC] and exchange Bullish.

Circle raised $1 billion after boosting its IPO, with shares jumping 167% on debut. Bullish went even further, with its stock soaring as much as 218% on day one.

While Figure’s (also went public this week) listing was solid, it didn’t stir the same excitement.

Bitwise, which had called 2025 the “year of the crypto IPO,” now looks prescient; with Kraken, Anchorage Digital, and Chainalysis still seen as strong candidates for the next listings.