Crypto Titans Gemini and Figure Chase $12B Nasdaq Jackpot in Landmark IPO Push

Wall Street braces for crypto's biggest legitimacy play yet.

Gemini and Figure Technologies just fired the starting gun on a $12 billion Nasdaq invasion—the largest crypto sector IPO push in history. These aren't fringe players testing waters; they're established giants betting traditional finance is finally ready to swallow the blockchain pill.

The $12B Gambit

Forget niche offerings. This dual-track assault represents crypto's full-frontal assault on mainstream capital markets. Gemini's exchange infrastructure coupled with Figure's blockchain-based lending platforms creates a powerful narrative: decentralized finance isn't coming—it's already here, and it's IPO-ing.

Nasdaq's crypto courtship enters serious territory.

The exchange previously dipped toes with Coinbase's listing, but this double-barreled approach signals something bigger. Institutional adoption isn't just about Bitcoin ETFs anymore—it's about entire crypto-native business models demanding traditional market validation.

Regulatory hurdles? They're features, not bugs.

Both companies built compliance into their DNA from day one. Gemini's New York trust charter and Figure's bank partnerships weren't accidents—they were IPO preparation maneuvers disguised as regulatory obedience.

Wall Street's about to discover that the most dangerous competitors aren't other banks—they're the ones who rebuilt the entire financial stack while everyone was arguing about Bitcoin's energy consumption. Sometimes the revolution gets a ticker symbol before it gets a manifesto.

Gemini IPO and Figure IPO Lead Crypto IPO Wave on Nasdaq Listing

The Gemini IPO was completed successfully on September 12, 2025, and shares surged 40% from the $28 pricing to $37.01, which raised $425 million at a $3.3 billion valuation. The cryptocurrency exchange that was founded by Cameron and Tyler Winklevoss saw institutional demand exceed available shares by over 20 times during the Nasdaq listing process.

Figure IPO preparations are targeting a $4.13 billion valuation right now, with the blockchain-based lender planning to sell 26.3 million shares at $18-$20 each. Combined with other crypto IPO candidates including Circle (which raised $1.1 billion), Bullish ($4.8 billion valuation), and also additional Bitcoin IPO prospects, the collective pipeline actually approaches $12 billion in new public market valuations.

Josef Schuster, CEO of IPOX, stated:

“With the current administration strongly supportive of the space, the pipeline is likely to remain active for well-structured, compliance-forward players.”

Regulatory Support Drives $12 Billion Crypto IPO Pipeline

The unprecedented scale of this crypto IPO wave actually reflects regulatory developments that have reduced uncertainty around digital asset companies. Figure’s dramatic financial turnaround demonstrates this confidence – the company posted a $29 million profit for the six months ending June 30, which was a reversal from a $13 million loss the previous year. Gemini IPO isn’t far behind either.

Today, on IPO day, we rang the bell at @Nasdaq, a milestone that marks both progress and possibility.

What began as an idea to reimagine capital markets through blockchain is becoming a reality with money moving faster, cheaper, and transparently. We’re just getting started. pic.twitter.com/gkDdWCydNl

Jeff Zell, senior research analyst at IPO Boutique, had this to say:

“Investors in this space tend to be patient because they see the long-term potential, especially with regulatory hurdles starting to clear and adoption continuing to grow.”

The bitcoin IPO component benefits from Bitcoin trading near $118,000 right now, which is encouraging Bitcoin mining companies and also blockchain infrastructure firms to pursue Nasdaq listing opportunities. This institutional appetite has been driving the Gemini IPO success and has positioned Figure IPO as the next major debut in the crypto IPO bonanza.

@Gemini co-founders @Tyler & @Cameron Winklevoss, reflect on $GEMI’s journey to IPO day. Here’s to the future! #NasdaqListed pic.twitter.com/5mMcB85dhA

The $12 billion crypto IPO wave represents the maturation of digital asset companies that are transitioning from speculative ventures to institutional-grade businesses. As Gemini IPO trades under ticker GEMI and Figure prepares for FIGR listing, these companies are proving that cryptocurrency firms can actually thrive in public markets while maintaining technological innovation.