Gemini Space Station Inc., the crypto exchange and custody platform founded by Cameron and Tyler Winklevoss, has taken a significant step toward becoming a publicly traded company.

The firm announced Friday that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), signaling its intent to pursue an initial public offering (IPO) of its Class A common stock.

While specific details around the size and valuation of the offering remain undisclosed, the move positions Gemini among a growing list of crypto-native firms seeking a foothold in traditional capital markets.

The crypto exchange has been taking major steps to go public in the U.S., including hiring Goldman Sachs ( GS ) and Citigroup ( C/PN ) as its financial advisors for the IPO. Gemini had also settled a $5 million lawsuit by the Commodity Futures Trading Commission, while the SEC ended its investigation into the exchange earlier this year.

The timing aligns with renewed interest in digital asset IPOs after stablecoin issuer Circle (CRCL) started trading on the New York Stock Exchange (NYSE) this week. Shares of Circle surged in its first day of trading Thursday, closing at $83 after going public at $31. The stock is currently trading around $113, almost 264% higher than its IPO price.

Gemini's offering, if completed, would mark a major milestone not just for Gemini but for the crypto industry’s ongoing quest for mainstream financial legitimacy.

The company noted that the IPO will proceed after SEC review and pending market conditions, per standard disclosure protocols.

Read more: Circle Shares Surge on NYSE Debut, Signalling Strong Appetite for Stablecoin Issuers