The IPOs of Gemini and Figure are being prepared. A combined valuation of over $6 billion is being looked for.
On Sept. 2, it was reported by Reuters that combined valuations that are exceeding $6.3 billion are being targeted for their initial public offerings (IPO) by Gemini and Figure, as digital asset firms are capitalizing on renewed investor appetite for public market debuts.
A fundraising target of up to $526.3 million is being pursued by blockchain lender, with a maximum valuation of $4.13 billion that was meticulously calculated. Simultaneously, Gemini exchange seeks $317 million at a $2.22 billion valuation.
The filings have highlighted the momentum that is being built behind crypto IPOs, following the successful debuts that were had by Circle and Bullish in 2025.
Figure plans to have 26.3 million shares sold at $18 to $20 each. Existing investors are participating in the offering. The company, which was co-founded by technology entrepreneur Mike Cagney in 2018, has a blockchain-native platform for lending, trading, and investing in consumer credit and digital assets operated by it.
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A $17 to $19 price range per share is being proposed for 16.67 million shares by Gemini, the company founded by twins Cameron and Tyler Winklevoss in 2014.
The New York-based exchange has been established as a regulated cryptocurrency trading platform that serves both retail and institutional clients.
The Momentum of U.S. Regulation
The initial public offering filings affirm the predictions made by Matthew Hougan, Chief Investment Officer at Bitwise, who, in December 2024, had anticipated a “stampede of crypto unicorn IPOs in 2025.”
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Favorable political conditions, improving crypto prices, institutional adoption, and the mainstream acceptance of blockchain technology were cited by Hougan as the catalysts for public listings.
Through a SPAC transaction, stablecoin issuer Circle completed its public debut earlier this year, while crypto exchange Bullish also went public. These IPOs established successful precedents for crypto companies that are accessing public markets.
Both companies have traded above their initial valuations, which demonstrates sustained investor interest in crypto businesses. Sustained investor interest in crypto businesses has been demonstrated by both companies trading above their initial valuations.
Institutional adoption of digital assets has been accelerated by renewed regulatory clarity, strong inflows into crypto-focused exchange-traded funds (ETFs), and corporate investments, which creates favorable conditions for public offerings.
The IPO Pipeline Is Expanding
Further crypto companies are positioned for potential listings in 2025.
IPO plans have been explored by Kraken, one of the largest US-based cryptocurrency exchanges, since 2021, but a rumored timing for a 2026 debut is now faced by it.
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Other candidates identified by Hougan in his predictions are represented by compliance firm Chainalysis and digital asset infrastructure provider Anchorage.
Figure’s blockchain-focused financial services align with Wall Street’s growing interest in tokenization, while Gemini’s regulated exchange status is appealing to institutions that are seeking compliant crypto trading venues.
Operational track records spanning multiple market cycles have been established by both companies.
The largest crypto IPO fundraising wave since the sector’s 2021 peak would be represented by the combined funding targeted by Figure and Gemini, cementing 2025 as a pivotal year for cryptocurrency companies that are accessing traditional capital markets.
