Key takeaways
Investor appetite for blockchain-native companies is surging in 2025, with Gemini’s IPO oversubscribed 20x and backed by Nasdaq. As crypto IPOs continue to dominate headlines, industry giants like Kraken and Chainalysis may be next in line.
Wall Street may be chill, but crypto’s corner is on fire. Web3 IPOs are gaining serious attention in 2025, with Gemini in the spotlight right now.
The exchange’s Nasdaq-backed debut was reportedly oversubscribed 20 times over, pulling in $425 million!
Big sign of just how hungry investors are for blockchain-native firms.
Gemini’s IPO jackpot
Gemini’s upcoming IPO has turned into one of the hottest tickets of 2025.
According to Reuters, demand for shares was so strong that the offering was oversubscribed more than 20 times, forcing the exchange and its bankers to close orders a day early.
That’s unusual for an IPO, but it also meant capping proceeds at $425 million; just shy of the $433 million Gemini had targeted after hiking its price range to $24-$26 per share, up from an earlier $17-$19.
Adding to the fire, Nasdaq itself is buying $50 million worth of stock, sealing a strategic partnership that speaks volumes.
The Winklevoss influence extends
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.”
More Crypto IPOs in 2025
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.
Source: Bitwise
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.
