Crypto IPO market heats up with Figure seeking $500 million, Gemini over $300 million

Crypto firms aren't done tapping capital markets.

On Tuesday, SoFi co-founder Mike Cagney's blockchain-powered lender Figure Technology Solutions said it seeks to raise about $526 million from its initial public offering, while Cameron and Tyler Winklevoss' Gemini Space Station, Inc. looks to raise up to $361 million.

Figure said it planned to sell over 26 million Class A common stock at an expected price of between $18.00 and $20.00, according to a statement. Gemini aims to sell 16,666,667 shares of Class A common stock — including granting underwriters a 30-day option to buy an additional 2,396,348 and 103,652 shares — at between $17.00 and $19.00 per share, according to the firm's statement.

Figure and Gemini join a list of other companies with interests in crypto aiming to launch IPOs, including Grayscale and BitGo. Crypto platform Bullish recently saw its shares jump over 150% on their NYSE debut day last month. Circle, issuer of the USDC stablecoin, also launched a successful IPO earlier this year.

IPO filings

Last month, Figure filed an S-1 with the Securities and Exchange Commission. Proceeds from the IPO are set to fund general corporate purposes, including working capital and potential acquisitions, with no immediate plans for dividends, the filing said. Figure raised $200 million at a $3.2 billion valuation in 2021.

Goldman Sachs, Jefferies, and BofA Securities are lead underwriters for Figure's IPO.

New York-based Figure focuses on leveraging blockchain technology to streamline lending, trading, and investing. The company's ecosystem revolves around Provenance Blockchain, a distributed proof-of-stake network where Figure holds 20% of the utility token HASH.

The company's S-1 showed its revenue rose 22.4% year-over-year to $190.6 million during the first half of 2025, with a net income of $29 million for the period. The company posted a $13 million net loss for the first half of 2024.

When Gemini filed for its IPO last month, it revealed weaker financial numbers than some expected. The firm registered a net loss of $282.5 million for the first half of 2025, compared to just $41.4 million in losses for the same period the year prior. Adjusted EBITDA in those periods went from earnings of $32 million to a $113.5 million loss, according to the filing. In 2024, the firm logged a net loss of $158.5 million on $142.2 million in revenue.

Goldman Sachs, Citi, Morgan Stanley, and Cantor are overseeing Gemini's IPO.

Should Gemini succeed in its IPO, it will become the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish.