Blockbuster Crypto IPOs Signal Mainstream Finance’s Digital Turn

The crypto IPO market is showing renewed momentum with two major names preparing to enter public markets. Gemini Space Station, the Winklevoss-backed cryptocurrency exchange, and Figure Technology, a blockchain-based lending platform, have both launched IPOs with ambitious funding targets and a clear focus on leveraging their digital infrastructure to expand market access and product offerings.

Gemini Space Station, a global crypto platform founded in 2014 by Cameron and Tyler Winklevoss, has initiated its IPO with plans to raise up to $300 million by offering 16.7 million shares priced between $17 and $19 per share. The company also granted underwriters a 30-day option to purchase up to an additional 2.4 million shares, which could bring the total fundraising to $313 million if the over-allotment option is exercised. Proceeds from the offering will be allocated to general corporate purposes, including product development, administrative needs, capital expenditures, and debt repayment. The shares will trade on the Nasdaq Global Select Market under the ticker symbol "GEMI," pending regulatory approval [1]. As of June 30, 2025, Gemini reported 523,000 monthly transacting users, $18 billion in crypto under custody, and $285 billion in lifetime trading volume. The company, however, reported a $158.5 million loss in 2024 despite $142.2 million in total revenue, with transaction revenue accounting for approximately 70% of its sales [2].

The company is positioning itself as an "emerging growth company," which allows it to take advantage of reduced public company reporting requirements, including the presentation of only two years of audited financial statements and exemptions from certain disclosure mandates [3]. Gemini is competing in a rapidly evolving crypto landscape and has retained a high-profile group of underwriters, including Goldman Sachs & Co. LLC, Citigroup, Morgan Stanley, and Cantor Fitzgerald, among others [4].

Meanwhile, Figure Technology Solutions, a blockchain-powered lending platform founded in 2018, is also making waves in the IPO space. The company is seeking to raise $500 million by offering 26.3 million shares, with a price range of $18 to $20 per share. This would give the company a fully diluted market value of $4.5 billion at the midpoint of the offering range. A new investor, Duquesne Family Office, has committed to purchasing $50 million worth of stock, representing 10% of the deal. Proceeds will support Figure's vertically integrated blockchain-based solutions, including its marketplaces for lending, trading, and investing in consumer credit and digital assets [5]. The company reported $375 million in sales for the 12 months ended June 30, 2025, and plans to list on Nasdaq under the ticker symbol "FIGR." The IPO is led by a consortium of underwriters including Goldman Sachs, Jefferies, and BofA Securities.

Both offerings reflect a broader trend of crypto and blockchain-based platforms seeking public market funding to scale their operations. Gemini's IPO, in particular, highlights the ongoing efforts of regulated crypto exchanges to gain greater legitimacy in traditional financial markets. With institutional demand for crypto infrastructure and services continuing to grow, the success of these IPOs could further normalize the presence of digital assets within mainstream finance.

Source:

[1] Gemini Announces Launch of Initial Public Offering (https://www.prnewswire.com/news-releases/gemini-announces-launch-of-initial-public-offering-302543703.html)

[2] Gemini Space Station Launches IPO (https://www.morningstar.com/news/dow-jones/202509026411/gemini-space-station-launches-ipo)

[3] Crypto Exchange Gemini Files S-1 For $317M IPO (https://cointelegraph.com/news/gemini-crypto-exchange-s1-ipo-nasdaq-2025)

[4] Winklevoss-backed cryptocurrency exchange Gemini sets ... (https://www.renaissancecapital.com/IPO-Center/News/113160/Winklevoss-backed-cryptocurrency-exchange-Gemini-sets-terms-for-$300-millio)

[5] Blockchain-powered lending platform Figure Technology sets ... (https://www.renaissancecapital.com/IPO-Center/News/113150/Blockchain-powered-lending-platform-Figure-Technology-sets-terms-for-$500-m)