Gemini and Figure are targetting combined valuations exceeding $6.3 billion for their initial public offerings (IPO) as digital asset firms capitalize on renewed investor appetite for public market debuts, Reuters reported on Sept. 2.
Blockchain lender Figure Technologies aims to raise up to $526.3 million at a maximum valuation of $4.13 billion. Meanwhile, Gemini exchange is seeking $317 million at a $2.22 billion valuation.
The filings highlight the momentum building behind crypto IPOs following successful debuts by Circle and Bullish in 2025.
Figure plans to sell 26.3 million shares at $18 to $20 each, with existing investors participating in the offering. Co-founded by technology entrepreneur Mike Cagney in 2018, the company operates a blockchain-native platform for lending, trading, and investing in consumer credit and digital assets.
Gemini, founded by twins Cameron and Tyler Winklevoss in 2014, will offer 16.67 million shares priced between $17 and $19 each.
The New York-based exchange has positioned itself as a regulated cryptocurrency trading platform serving both retail and institutional clients.
US regulatory momentum
The IPO filings validate predictions from Bitwise Chief Investment Officer Matthew Hougan, who forecasted a “stampede of crypto unicorn IPOs in 2025” in December 2024.
Hougan cited improving crypto prices, institutional adoption, mainstream blockchain technology acceptance, and favorable political conditions as catalysts for public listings.
Stablecoin issuer Circle completed its public debut through a SPAC transaction earlier this year, while crypto exchange Bullish also went public. The IPOs established successful precedents for crypto companies accessing public markets.
Both companies have traded above their initial valuations, demonstrating sustained investor interest in crypto businesses.
Renewed regulatory clarity, strong inflows into crypto-focused exchange-traded funds (ETFs), and corporate investments have accelerated institutional adoption of digital assets, creating favorable conditions for public offerings.
IPO pipeline expands
Additional crypto companies remain positioned for potential 2025 listings.
Kraken, one of the largest US-based cryptocurrency exchanges, has explored IPO plans since 2021 but now faces rumored timing for a 2026 debut.
Compliance firm Chainalysis and digital asset infrastructure provider Anchorage represent other candidates identified by Hougan in his predictions.
Figure’s blockchain-focused financial services align with Wall Street’s growing interest in tokenization, while Gemini’s regulated exchange status appeals to institutions seeking compliant crypto trading venues.
Both companies have established operational track records spanning multiple market cycles.
The combined funding targeted by Figure and Gemini would represent the largest crypto IPO fundraising wave since the sector’s 2021 peak, cementing 2025 as a pivotal year for cryptocurrency companies accessing traditional capital markets.
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