Gemini's confidential IPO filing comes amid a surge in crypto IPO activity, following Circle's successful debut on the New York Stock Exchange, which saw shares close over 160% higher on day one

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Gemini's move comes after stablecoin Circle filed for an IPO in April and began trading this week.

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.