Web3 Wall Street Wave: Gemini’s $425M IPO

As previously reported, the twins have been building closer ties to former President Donald Trump, including a significant Bitcoin donation of $2 million to his 2024 campaign. A portion of that donation was later returned to comply with campaign finance regulations.

More recently, they’ve invested in American Bitcoin, a cryptocurrency mining venture linked to Donald Trump Jr. and Eric Trump. This company is currently preparing to enter the public market through a merger with Gryphon Digital Mining.

Their increasing visibility at high-profile events like inauguration ceremonies, a White House crypto summit, and Trump’s signing of the GENIUS Act in July, where they received a personal acknowledgement, has significantly boosted their political presence.

In other news, the Winklevoss twins also recently voiced strong criticism of JP Morgan, accusing the financial institution of actively attempting to stifle innovation within the fintech and cryptocurrency sectors.

The year 2025 has witnessed a substantial number of crypto companies launching IPOs, although few have generated the same level of volatility seen with stablecoin provider Circle [USDC] and the cryptocurrency exchange Bullish.

Following a successful IPO enhancement, Circle successfully secured $1 billion in funding, with its share price experiencing an impressive 167% surge upon its market debut. Bullish’s performance was even more remarkable, with its stock price climbing by as much as 218% on its initial trading day.

While Figure’s IPO, which also occurred this week, demonstrated respectable results, it did not generate the same degree of market excitement.

Bitwise, which had previously identified 2025 as the “year of the crypto IPO,” appears to have made a prescient forecast. Kraken, Anchorage Digital, and Chainalysis are still regarded as strong contenders for upcoming public listings.