Crypto IPO Rush: Figure & Gemini Target $861M

The crypto sector is actively engaging with capital markets. Figure Technology Solutions, co-founded by SoFi's Mike Cagney, aims to raise approximately $526 million through its initial public offering (IPO). Meanwhile, Gemini Space Station, Inc., founded by the Winklevoss twins, seeks to secure up to $361 million. According to their statements, Figure plans to issue over 26 million Class A common shares priced between $18.00 and $20.00 each. Gemini intends to offer 16,666,667 Class A shares, including an option for underwriters to purchase an additional 2,396,348 and 103,652 shares, with a price range of $17.00 to $19.00 per share. These companies join an array of crypto-focused firms looking to launch IPOs, such as Grayscale and BitGo. The crypto trading platform Bullish recently celebrated a 150% surge on its NYSE debut, while Circle, known for its USDC stablecoin, also executed a successful IPO earlier this year. As for regulatory proceedings, Figure submitted an S-1 filing to the Securities and Exchange Commission last month. The IPO proceeds will support various corporate objectives, including working capital and possible acquisitions, with no immediate intentions for dividends. The company had previously raised $200 million at a $3.2 billion valuation in 2021. Goldman Sachs, Jefferies, and BofA Securities are acting as lead underwriters for Figure's IPO. Based in New York, Figure utilizes blockchain to enhance lending, trading, and investing processes. The firm operates on the Provenance Blockchain, a distributed proof-of-stake network where it holds a 20% stake in the utility token HASH. Financially, Figure reported a 22.4% revenue increase year-over-year, reaching $190.6 million in the first half of 2025, with a net income of $29 million. Conversely, Gemini reported weaker financial results, revealing a net loss of $282.5 million in the first half of 2025 compared to losses of $41.4 million in the previous year. Its adjusted EBITDA shifted from $32 million in earnings to a loss of $113.5 million. Goldman Sachs, Citi, Morgan Stanley, and Cantor are overseeing the IPO for Gemini. Should Gemini succeed, it would join Coinbase and Bullish as the third publicly traded crypto exchange in the United States.