tl;dr
**Crypto Giants Eye $6.3 Billion in IPOs as Sector Gains Momentum**
The crypto world is heating up again, with two major players—Gemini and Figure Technologies—eyeing a combined $6.3 billion valuation in their upcoming initial public offerings (IPOs). According to Reuters, the moves signal a rene...
**Crypto Giants Eye $6.3 Billion in IPOs as Sector Gains Momentum**
The crypto world is heating up again, with two major players—Gemini and Figure Technologies—eyeing a combined $6.3 billion valuation in their upcoming initial public offerings (IPOs). According to Reuters, the moves signal a renewed appetite for digital asset companies going public, following successful debuts by Circle and Bullish in 2025.
**Figure: A Blockchain Lending Powerhouse**
Figure Technologies, a blockchain-based lender co-founded by tech entrepreneur Mike Cagney in 2018, is aiming to raise up to $526.3 million at a $4.13 billion valuation. The company plans to sell 26.3 million shares priced between $18 and $20 each, with existing investors participating in the offering. Figure’s platform offers lending, trading, and investing in consumer credit and digital assets, positioning it as a key player in the blockchain-native finance space.
**Gemini: The Regulated Exchange Trailblazer**
Meanwhile, Gemini, the New York-based exchange founded by twins Cameron and Tyler Winklevoss in 2014, is targeting $317 million at a $2.22 billion valuation. The exchange will offer 16.67 million shares priced between $17 and $19 each. Known for its regulated approach, Gemini has carved a niche serving both retail and institutional investors, aligning with Wall Street’s growing interest in tokenization.
**A Sector on the Rise**
The IPO filings come amid a wave of optimism. Bitwise’s Chief Investment Officer, Matthew Hougan, predicted a “stampede of crypto unicorn IPOs in 2025” back in December 2024. His forecast has proven prescient, fueled by rising crypto prices, institutional adoption, and regulatory clarity.
Circle’s successful SPAC debut earlier this year and Bullish’s public listing set a precedent, with both trading above their initial valuations. This success has emboldened other firms, as renewed interest in crypto ETFs and corporate investments have accelerated institutional adoption of digital assets.
**Looking Ahead: A Pipeline of Potential IPOs**
The momentum shows no signs of slowing. While Figure and Gemini are front and center, other names are circling the IPO block. Kraken, one of the largest U.S. exchanges, has explored IPO plans since 2021 but now faces a rumored 2026 debut. Compliance firm Chainalysis and digital asset infrastructure provider Anchorage also remain in the mix, per Hougan’s predictions.
**2025: A Pivotal Year**
The combined funding targets of Figure and Gemini would mark the largest crypto IPO fundraising wave since the sector’s 2021 peak. This surge underscores 2025’s significance as a turning point for cryptocurrency companies seeking traditional capital markets. With operational track records spanning multiple market cycles, both firms are poised to capitalize on the current climate, blending innovation with institutional trust.
As the crypto sector continues to evolve, one thing is clear: the road to Wall Street is paved with blockchain—and the journey is just getting started.