Blockchain lender Figure Technologies aims to raise up to $526.3 million at a maximum valuation of $4.13 billion. Meanwhile, Gemini exchange is seeking $317 million at a $2.22 billion valuation.
Figure plans to sell 26.3 million shares at $18 to $20 each, with existing investors participating in the offering. Co-founded by technology entrepreneur Mike Cagney in 2018, the company operates a blockchain-native platform for lending, trading, and investing in consumer credit and digital assets.
The New York-based exchange has positioned itself as a regulated cryptocurrency trading platform serving both retail and institutional clients.
Hougan cited improving crypto prices, institutional adoption, mainstream blockchain technology acceptance, and favorable political conditions as catalysts for public listings.
Both companies have traded above their initial valuations, demonstrating sustained investor interest in crypto businesses.
Renewed regulatory clarity, strong inflows into crypto-focused exchange-traded funds (ETFs), and corporate investments have accelerated institutional adoption of digital assets, creating favorable conditions for public offerings.
Additional crypto companies remain positioned for potential 2025 listings.
Figure’s blockchain-focused financial services align with Wall Street’s growing interest in tokenization, while Gemini’s regulated exchange status appeals to institutions seeking compliant crypto trading venues.
Both companies have established operational track records spanning multiple market cycles.
The combined funding targeted by Figure and Gemini would represent the largest crypto IPO fundraising wave since the sector’s 2021 peak, cementing 2025 as a pivotal year for cryptocurrency companies accessing traditional capital markets.
