Gemini and
Figure are aiming for a collective valuation exceeding $6.3 billion through their upcoming initial public offerings (IPOs). As digital asset companies look to capitalize on renewed investor enthusiasm for public market debuts, these offerings are highly anticipated, according to sources reported on Sept. 2.
Figure Technologies, a firm specializing in blockchain lending, is planning to raise as much as $526.3 million. Their targeted valuation peaks at $4.13 billion. Simultaneously, Gemini exchange seeks to secure $317 million, setting their valuation at approximately $2.22 billion.
These filings underscore the growing momentum surrounding crypto IPOs. This trend follows the successful entries of
Circle and Bullish into the public market landscape in 2025.
Figure intends to offer 26.3 million shares at a price range of $18 to $20 per share. Notably, current investors are also participating in this offering. Established in 2018 by tech entrepreneur Mike Cagney, the company utilizes a blockchain-native infrastructure. This facilitates activities such as lending, trading, and investing within consumer credit and the realm of digital assets.
Gemini, which was established in 2014 by the
Winklevoss twins, Cameron and
Tyler, is planning to make available 16.67 million shares, each priced between $17 and $19.
The New York-based exchange has strategically positioned itself as a cryptocurrency trading platform that adheres to regulatory standards, catering to both individual and institutional investors.
US regulatory momentum
The IPO filings provide validation for forecasts made by
Bitwise Chief Investment Officer,
Matthew Hougan, who
predicted a surge of crypto “unicorn” IPOs throughout 2025, made in December 2024.
Hougan cited a number of factors as catalysts for these public listings, including rising cryptocurrency prices, increased institutional participation, growing acceptance of blockchain technology in mainstream applications, and supportive political climates.
Earlier this year, stablecoin issuer Circle finalized its
public entry via a SPAC merger. Additionally, crypto exchange Bullish
went public. These IPOs have established successful templates for crypto companies seeking access to public capital markets.
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Both Circle and Bullish have seen their stock prices exceed their initial valuations, indicating continued investor optimism in the crypto sector.
Factors such as clearer regulatory frameworks, significant capital inflows into crypto-related exchange-traded funds (ETFs), and increased corporate investment have propelled institutional adoption of digital assets. This has created a favorable environment for companies seeking to become publicly traded.
IPO pipeline expands
Looking ahead, several other crypto-related businesses are potentially preparing for IPOs during 2025.
Kraken, a major cryptocurrency exchange based in the US, has considered plans for an IPO since 2021. While still a possibility, reports suggest their potential debut may be pushed back to 2026, as they explore strategies like a
$1 billion debt raise.
Other firms highlighted by Hougan as potential IPO candidates include compliance specialist
Chainalysis and digital asset infrastructure provider
Anchorage.
Figure’s focus on blockchain-based financial services aligns with Wall Street’s burgeoning interest in tokenization. Gemini’s position as a regulated exchange makes it attractive to institutions searching for reliable crypto trading venues.
Both Figure and Gemini possess established operational histories, having navigated multiple market fluctuations.
The anticipated fundraising activities of Figure and Gemini, if successful, would represent the most significant wave of crypto IPO fundraising since the industry’s peak in 2021, solidifying 2025 as a landmark year for crypto companies entering traditional capital markets.