The crypto sector’s appetite for public capital is back with a vengeance this season. Blockchain-based lender Figure Technology Solutions is making waves as it sets sights on raising approximately $526 million through its upcoming IPO, signaling renewed institutional confidence in digital finance. Meanwhile, Gemini, the New York-based firm founded by the Winklevoss twins, is planning to raise up to $361 million, positioning itself among the top crypto exchanges aiming for a public listing.
Figure plans to offer over 26 million Class A shares with a price range of $18 to $20 each, according to recent filings. The company, renowned for its innovative use of blockchain to streamline lending and trading, leans heavily on the Provenance Blockchain ecosystem and has reported robust growth—its revenue soared by 22.4% year-over-year to $190.6 million in the first half of 2025, with a net income of $29 million for the period. Major underwriters for this deal include Goldman Sachs, Jefferies, and BofA Securities.
Gemini, aiming for a Nasdaq listing, is offering over 16 million shares at $17 to $19 per share, with an option for underwriters to purchase additional stock. Its performance, while mixed—with a $282.5 million net loss for the first half of 2025 versus $41.4 million in the previous period—reflects the growing pains of scaling in a volatile market. Giants like Citi, Morgan Stanley, and Cantor are guiding this high-profile IPO, which could see Gemini become only the third publicly traded U.S. crypto exchange.
The current wave isn’t isolated. Digital asset players such as Grayscale, BitGo, and stablecoin powerhouse Circle are all seeking their own IPO spotlights. Bullish, another platform, saw a dramatic 150% stock surge on its NYSE debut earlier this year, underlining the pent-up investor enthusiasm for crypto equities.
Analysts and fintech insiders note that this fresh IPO momentum signals an inflection point for the industry. As blockchain ventures mature beyond early-stage hype and face heightened scrutiny, investor appetite for regulated, scalable crypto-fintech plays is on the rise—a trend likely to fuel further innovation and mainstream adoption.
