Figure & Gemini File for US IPOs as Crypto Titans Storm Public Markets
Crypto's elite are charging Wall Street—Figure and Gemini just filed paperwork to go public, signaling the industry's boldest move into mainstream finance yet.
The Floodgates Open
These filings mark a watershed moment. After years of regulatory tangles and skepticism, major crypto players are now demanding a seat at the traditional table. It’s not just about raising capital—it’s about legitimacy.
Why Public Markets? Why Now?
Market maturity meets investor hunger. Institutions finally get it: blockchain isn’t a fringe experiment—it’s the future of finance. Public listings offer liquidity, transparency, and a chance to tap into broader capital pools beyond crypto-natives.
The Ripple Effect
Expect a domino effect. More filings will follow as competitors scramble not to be left behind. Traditional finance giants, meanwhile, are watching closely—some sweating, others scrambling to partner or acquire.
Wall Street’s Cynical Embrace
Let’s be real: the same suits who called crypto a scam two years ago are now underwriting these deals. Nothing sobers up skepticism like the smell of IPO fees. Welcome to the moment crypto goes from rebellion to revenue stream—on their terms.
Two prominent cryptocurrency companies have filed for initial public offerings in the US, adding to a growing wave of digital asset firms seeking to capitalize on favorable market conditions under the Trump administration's crypto-friendly policies.
Figure Technology Solutions, a blockchain-based lending platform, disclosed strong financial performance in its Monday SEC filing, reporting revenue of nearly $191 million for the first half of 2025, up 22% from the previous year. The company also swung to a $29 million profit from a $13 million loss in the same period last year.
Founded in 2018 by Mike Cagney, who previously co-created online lender SoFi, Figure operates on the Provenance blockchain and has originated over $16 billion in blockchain-based loans while completing more than $50 billion in on-chain transactions. The New York-based company plans to list on Nasdaq under ticker "FIGR" with Goldman Sachs, Bank of America, and Jefferies leading the offering.
"Blockchain can do more than disrupt existing markets," Cagney said in the filing, arguing that the technology can bring liquidity to historically illiquid assets like loans while eliminating traditional financial intermediaries.
In contrast, Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, revealed deteriorating financial performance despite filing for its own Nasdaq listing under ticker "GEMI." The company posted a $158.5 million net loss in 2024 on $142.2 million in revenue, with losses accelerating to $282.5 million in the first half of 2025 on just $67.9 million in revenue.
Despite the mounting losses, Gemini showed operational growth with 523,000 monthly transacting users, up 5.7% year-over-year, and trading volume jumping 50% to $24.8 billion in the first half of 2025. The platform's assets under management also ROSE over 30% to $18.2 billion.
Both offerings reflect the dramatically changed landscape for crypto IPOs following Circle Internet Group's blockbuster June debut, which raised $1.1 billion and closed 167% above its issue price on the first day. crypto exchange Bullish also surged 83% in its recent NYSE debut after raising over $1 billion.
The IPO filings come as the cryptocurrency industry experiences renewed investor interest, driven by bitcoin's surge past $124,000 earlier this month and growing institutional adoption through exchange-traded funds.
Figure was valued at $3.2 billion in its 2021 funding round, while Gemini achieved a $7.1 billion valuation in its last private financing.
Additional crypto companies including custodian BitGo, ETF issuer Grayscale, and exchange Kraken are also reportedly considering public offerings as the sector seeks to capitalize on improving regulatory clarity and market conditions.
Elsewhere
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Blockcast
Lido Ecosystem Foundation's head of institutional relations Kean Gilbert hops on Blockcast to confirm that institutions are here, after a long journey of discovery and education. Discover what happens during the shift from traditional finance to the forefront of blockchain innovation, and explore the strategic moves shaping the future of Ethereum and liquid staking.
Access the episode from your preferred podcast platform here.
Blockcast is hosted by Head of APAC at Ledger, Takatoshi Shibayama. Previous episodes of Blockcast can be found here, with guests like Kapil Duman (Quranium), Eric van Miltenburg (Ripple), Jeremy Tan (Singapore parliament candidate), Hassan Ahmed (Coinbase), Sota Watanabe (Startale), Nic Young (Oh), Jacob Phillips (Lombard), Chris Yu (SignalPlus), Kathy Zhu (Mezo), Samar Sen (Talos), Jason Choi (Tangent), , Mark Rydon (Aethir), Luca Prosperi (M^0), Charles Hoskinson (Cardano), and Yat Siu (Animoca Brands) on our recent shows.
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