Figure, Gemini File for US IPOs as Crypto Companies Rush to Public Markets

Two major cryptocurrency firms are capitalizing on favorable regulatory conditions under the Trump administration by filing for U.S. initial public offerings. Figure Technology Solutions, a blockchain lending platform, reported robust financials with $191 million in H1 2025 revenue—a 22% year-over-year increase—and a $29 million profit reversal from prior losses. The company, founded by ex-SoFi co-creator Mike Cagney, plans to list on Nasdaq as "FIGR" after facilitating $16 billion in blockchain-based loans.

Meanwhile, Gemini Space Station, the Winklevoss twins' exchange, disclosed declining performance despite its Nasdaq filing under ticker "GEMI." The contrasting trajectories highlight how blockchain infrastructure plays like Figure are gaining investor favor over exchange-dependent models amid shifting market dynamics.