The world of publicly traded crypto companies is heating up as major players like Gemini and Circle make bold moves toward the public markets, while Bitcoin-focused firms such as Strategy ramp up capital-raising efforts to strengthen their digital asset treasuries. This week’s edition of Public Keys dives into the latest developments shaping the intersection of traditional finance and cryptocurrency innovation.
Gemini Files for IPO in Tandem with Circle’s Market Debut
In a striking move that underscores growing institutional confidence in crypto-native firms, Gemini, the Winklevoss-led cryptocurrency exchange, has officially filed to go public. This announcement comes within 24 hours of Circle, the issuer of the USDC stablecoin, making its euphoric debut on the New York Stock Exchange under the ticker CRCL.
Gemini, founded in 2015, has long positioned itself as a compliant gateway between traditional finance and digital assets. It was one of the first crypto companies to secure a New York State Department of Financial Services (NYDFS) BitLicense—just months after its launch—establishing an early reputation for regulatory adherence.
👉 Discover how leading crypto platforms are shaping the future of finance.
The exchange offers spot trading, staking services, and institutional custody solutions. It also once issued its own regulated stablecoin, the Gemini Dollar (GUSD). While GUSD hasn’t been officially discontinued, its usage has significantly declined since the 2022 shutdown of the Gemini Earn program, which was entangled in financial turmoil involving Genesis Global Capital.
According to CoinGecko data, GUSD’s market capitalization has dropped from $140 million to just $51 million over the past year. Still, Gemini’s pivot toward a public listing signals renewed momentum and investor interest in regulated crypto platforms.
Circle’s Explosive IPO: Hype vs. Caution
Circle’s stock surged to four times its IPO price within two trading days, drawing massive retail and institutional attention. The excitement stems not only from Circle’s strong fundamentals but also from the broader implications of a major crypto company gaining Wall Street acceptance.
However, not all analysts are urging immediate investment. Some warn that early IPO surges can be misleading due to artificially inflated initial pricing and restricted share availability during lockup periods.
Dom Kwok, co-founder of Web3 education platform EasyA, advised caution on social media:
“Wait 90–180 days after IPO to invest—not just for price discovery, but because that’s typically when the lockup period ends.”
Lockup periods prevent insiders and early investors from selling shares immediately after listing, often leading to delayed sell-offs once restrictions lift. A former Circle employee recently highlighted this dynamic on X (formerly Twitter), boasting about cashing out via secondary markets before the official IPO—while current employees remain locked in.
This scenario illustrates a key risk for new investors: early momentum may not reflect long-term value, especially if insider selling increases post-lockup.
👉 See how market cycles impact crypto investment timing and strategy.
Strategy Revs Up Its Bitcoin Engine with $1 Billion STRD Offering
While Gemini and Circle make headlines with their public market entries, Strategy—formerly known as MicroStrategy—is doubling down on its aggressive Bitcoin accumulation strategy.
The Nasdaq-listed firm (ticker: MSTR) has upsized its latest preferred stock offering, dubbed Stride (STRD), to $1 billion. These perpetual preferred shares promise investors a tempting 10% annual yield, paid quarterly.
Michael Saylor, Strategy’s executive chairman, described STRD as a “high-yield credit instrument” designed to fuel further Bitcoin purchases. In a video posted on X, he emphasized that STRD offers higher returns compared to previous offerings like STRK and STRF.
But there’s a catch.
STRD is subordinated to both STRK and STRF, meaning it carries higher risk. In the event of bankruptcy or liquidation, STRD holders would be paid only after senior creditors and holders of earlier preferred instruments.
Additionally, the 10% dividends are non-cumulative and discretionary—if Strategy chooses not to pay a dividend in any given quarter, investors receive no back payments or compensation.
This marks Strategy’s third preferred stock issuance in six months, signaling an urgent push to acquire more Bitcoin amid rising institutional adoption and macroeconomic uncertainty.
Frequently Asked Questions
Q: Why is Gemini going public now?
A: With Circle’s successful IPO creating positive market sentiment, Gemini likely sees favorable conditions for a public listing. Regulatory compliance and years of operational stability position it well for investor appeal.
Q: Is CRCL stock a good buy right now?
A: While Circle’s business model is strong—especially given USDC’s dominance as an ERC-20 stablecoin—analysts recommend waiting 90–180 days post-IPO to assess true valuation after lockup expirations and potential insider selling.
Q: How does Strategy use funds from preferred stock offerings?
A: Strategy uses proceeds almost exclusively to purchase additional Bitcoin, reinforcing its role as a de facto leveraged Bitcoin ETF before such products were widely approved.
Q: What makes STRD riskier than other Strategy stocks?
A: STRD is subordinated debt, meaning lower priority in payout order during liquidation. Dividends are also discretionary and non-cumulative, increasing investor risk.
Q: Does GUSD still matter in the stablecoin market?
A: GUSD’s relevance has waned significantly since the collapse of the Gemini Earn program. With declining market cap and usage, it no longer competes with top-tier stablecoins like USDC or USDT.
Q: How does Circle’s IPO affect Ethereum?
A: Since USDC operates primarily as an ERC-20 token on Ethereum, increased adoption and institutional trust in Circle could drive more liquidity and developer activity on the Ethereum network.
Miners Ride the Bitcoin Rally
Bitcoin mining stocks are also benefiting from recent market momentum. As BTC rebounds and network activity remains strong, mining firms report record outputs:
- MARA Holdings: Up 7.2% following record May production
- Riot Platforms: Gained 11.4% on improved operational efficiency
- HIVE Digital: Rose 10% amid expanding infrastructure investments
These gains reflect renewed optimism in the mining sector, supported by favorable Bitcoin prices and advancements in energy-efficient mining technologies.
Juan Leon, Senior Investment Strategist at Bitwise, told Decrypt that Circle’s IPO success is “incredibly bullish for Ethereum,” noting that “as USDC usage proliferates, that will continue to translate into more liquidity for DeFi and excitement for developers to build on Ethereum.”
As crypto-native companies navigate the transition from private innovation labs to public market darlings, clarity, compliance, and capital strategy will define winners. Whether through IPOs or structured financing like preferred stock offerings, these firms are building the financial infrastructure of a digital-first economy.
👉 Explore how institutional crypto strategies are evolving in 2025.