Gemini announced that it filed a confidential draft S-1 with the Securities and Exchange Commission on Friday.
The filing is one of the first steps for the crypto firm to go public through an initial public offering.
The S-1, however, isn’t public yet, but Gemini said that it expects its IPO to move forward following the review process from the SEC.
The move comes just a day after Circle debuted on the New York Stock Exchange in an IPO that was pretty successful. The stock was priced at $31 at an offering of 34 million shares, but started trading at $69 a share. It closed up over 160% at $83 a share on Thursday.
Read more: Did Circle execute its IPO ‘perfectly’
Industry watchers noted that the success of an IPO as big as Circle could spur others to quickly follow in the stablecoins footsteps.
“I suspect we’ll be seeing several crypto companies accelerating their IPO plans now that Circle has revealed Wall Street’s appetite,” GSR’s Carlos Guzman told Blockworks.
Empire co-host and Blockworks co-founder Jason Yanowitz said that he spoke to a couple of firms in crypto that were pulling their IPO timelines forward because of the stablecoin issuer.
Bloomberg reported in March that the Winklevoss-led firm was considering going public, saying that it could hit the public markets as soon as this year.
Both Cameron and Tyler Winklevoss have been supporters of President Donald Trump’s pro-crypto administration, and were also in attendance at the Crypto Ball earlier this year.
Gemini didn’t immediately return a request for comment.
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