Major US crypto firms target multi-billion valuations in their IPOs
Gemini and Figure are targetting mixed valuations exceeding $6.3 billion for their preliminary public choices (IPO) as digital asset firms capitalize on renewed investor urge for food for public market debuts, Reuters reported on Sept. 2.
Blockchain lender Figure Technologies goals to lift as much as $526.3 million at a most valuation of $4.13 billion. Meanwhile, Gemini change is searching for $317 million at a $2.22 billion valuation.
The filings spotlight the momentum constructing behind crypto IPOs following profitable debuts by Circle and Bullish in 2025.
Figure plans to promote 26.3 million shares at $18 to $20 every, with current traders taking part in the providing. Co-founded by know-how entrepreneur Mike Cagney in 2018, the corporate operates a blockchain-native platform for lending, buying and selling, and investing in client credit score and digital belongings.
Gemini, based by twins Cameron and Tyler Winklevoss in 2014, will provide 16.67 million shares priced between $17 and $19 every.
The New York-based change has positioned itself as a regulated cryptocurrency buying and selling platform serving each retail and institutional shoppers.
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 bettering crypto costs, institutional adoption, mainstream blockchain know-how acceptance, and favorable political circumstances as catalysts for public listings.
Stablecoin issuer Circle accomplished its public debut by means of a SPAC transaction earlier this yr, whereas crypto change Bullish also went public. The IPOs established profitable precedents for crypto firms accessing public markets.
Both firms have traded above their preliminary valuations, demonstrating sustained investor curiosity in crypto companies.
Renewed regulatory readability, robust inflows into crypto-focused exchange-traded funds (ETFs), and company investments have accelerated institutional adoption of digital belongings, creating favorable circumstances for public choices.
IPO pipeline expands
Additional crypto firms stay positioned for potential 2025 listings.
Kraken, one of many largest US-based cryptocurrency exchanges, has explored IPO plans since 2021 however now faces rumored timing for a 2026 debut.
Compliance agency Chainalysis and digital asset infrastructure supplier Anchorage signify different candidates recognized by Hougan in his predictions.
Figure’s blockchain-focused monetary companies align with Wall Street’s rising curiosity in tokenization, whereas Gemini’s regulated change standing appeals to establishments searching for compliant crypto buying and selling venues.
Both firms have established operational observe data spanning a number of market cycles.
The mixed funding focused by Figure and Gemini would signify the most important crypto IPO fundraising wave because the sector’s 2021 peak, cementing 2025 as a pivotal yr for cryptocurrency firms accessing conventional capital markets.
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