Wall Street Eyes Crypto IPOs as Figure and Gemini Target Public Markets

Blockchain lender Figure and crypto exchange Gemini are advancing toward public listings, signaling institutional validation of digital assets. Figure aims to raise $526 million at $18-$20/share, while Gemini seeks $316 million at $17-$19/share. Goldman Sachs is underwriting both deals, underscoring traditional finance's growing crypto appetite.

Figure reported $190.6 million revenue (+22.4% YoY) with $29 million profit in H1 2025, contrasting with Gemini's undisclosed performance. The moves follow successful IPOs by Bullish exchange and Circle, demonstrating public market demand for crypto exposure.

Retail investors are flocking to emerging opportunities like PepeNode's 'mine-to-earn' presale, nearing $600K in funding. The dual-track institutional/retail interest highlights crypto's maturation across market segments.