Gemini’s Nasdaq IPO Filing Mirrors Coinbase’s Path as Crypto Markets Heat Up

In a significant development for the cryptocurrency industry, Gemini, the digital asset exchange founded by the Winklevoss twins, has taken a major step toward going public. On August 17, 2025, the company filed its S-1 registration statement with the SEC for a planned Nasdaq listing. This move comes during a period of renewed optimism in crypto markets, fueled by favorable regulatory developments including the GENIUS Act on stablecoins and a more accommodating stance from the SEC under the current administration. The filing positions Gemini to potentially follow in the footsteps of Coinbase's successful public market debut, marking another milestone in the maturation of cryptocurrency exchanges and their integration with traditional financial markets.

Gemini Files for Nasdaq IPO Amid Crypto Market Optimism

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially submitted its S-1 filing to the SEC for a Nasdaq listing. The move comes amid a surge in crypto-related IPOs, fueled by a favorable regulatory climate under the Trump administration. The GENIUS Act on stablecoins and the SEC's retreat from enforcement actions have created an unprecedented window for crypto firms to access public markets.

Despite posting record losses in 2025, Gemini's IPO follows the successful debut of Circle's USDC stablecoin, which saw its value triple post-listing. Market volatility and the exchange's financial performance remain key concerns for Wall Street investors. The offering positions Gemini alongside Coinbase and Bullish as major crypto players testing public market appetite.

Ether Unstaking Queue Hits $3.8B — Impact on ETH Price

Ethereum's staking ecosystem is undergoing unprecedented activity as over $3.8 billion worth of ETH enters the unstaking queue. With withdrawals requiring a 15-day waiting period, market participants are debating whether this signals profit-taking or strategic repositioning ahead of Ethereum's next growth phase.

Data shows 877,000 ETH (approximately $3.88 billion) currently awaiting withdrawal, with Lido, EthFi, and Coinbase dominating the outflow. Lido alone accounts for 285,000 ETH, reinforcing its position as the liquid staking leader. Despite the bearish optics, analysts note institutional accumulation through spot ETH ETFs and strategic treasuries may offset selling pressure.

The staking landscape remains robust, with 29.5% of Ethereum's circulating supply—35.3 million ETH—still locked in validators. This underscores staking's critical role in Ethereum's network security and economic model.