Crypto exchange Gemini and blockchain lending firm Figure Technology Solutions have both raised their proposed initial public offering price ranges, targeting valuations of $3.1 billion and $4.7 billion respectively, amid strong market interest.

Executive Summary

Gemini Space Station Inc. and Figure Technology Solutions have significantly increased their respective initial public offering price ranges, reflecting substantial investor demand within the digital asset sector. Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is now targeting a valuation of approximately $3.1 billion, aiming to raise up to $433.3 million. Simultaneously, blockchain-based lending firm Figure Technology Solutions has revised its target valuation to $4.7 billion, planning to raise around $693 million. These adjustments underscore a maturing cryptocurrency market and growing institutional confidence.

The Event in Detail

Gemini's Offering

Gemini has set its revised IPO price range between $24 and $26 per share, an increase from its initial $17 to $19 range. This updated pricing positions the company to raise up to $433.3 million through the sale of 16.7 million shares. Nasdaq has committed to a $50 million private placement investment in Gemini's Class A common stock, contingent on the IPO's closing. This strategic investment is coupled with a partnership enabling Nasdaq's clients to access Gemini's custody and staking services, while Gemini's institutional clients will utilize Nasdaq's Calypso platform for trading collateral management. Gemini is slated to debut on the Nasdaq Global Select Market under the ticker "GEMI", becoming the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish. Despite reporting a net loss of $282.5 million in the first half of 2025 (compared to a $41.4 million loss in the first half of 2024), the firm has demonstrated operational growth and increased trading volume.

Figure's Offering

Figure Technology Solutions has raised its estimated IPO price range to $20 to $22 per share, up from its prior $18 to $20 range. The firm plans to offer 31.5 million shares, an increase from approximately 26 million, to raise an estimated $693 million at the top end of the new range. This revised offering targets a valuation of $4.66 billion. Figure, which leverages Provenance Blockchain for lending, trading, and investing, reported a 22.4% year-over-year revenue increase to $190.6 million in the first half of 2025, with a net income of $29 million for the period, contrasting with a $13 million net loss in the first half of 2024. The company is scheduled to commence trading on Nasdaq under the symbol "FIGR".

Market Implications

The updated IPO valuations for Gemini and Figure highlight a sustained and growing investor appetite for publicly listed cryptocurrency companies. This trend follows the successful public debuts of other prominent crypto firms, including Bullish and Circle. Circle's $1.05 billion IPO saw its shares jump 168% on its first trading day, while Bullish raised $1.1 billion and tripled its share price, achieving a $13 billion valuation. These precedents, alongside the increasing number of crypto companies seeking public listings such as Grayscale, Kraken, and BitGo, signal a significant integration of the digital asset industry into traditional financial markets. The strategic investment by Nasdaq in Gemini further validates the potential of cryptocurrency exchanges and broader institutional participation, suggesting that the future of finance is increasingly digital. This market activity indicates growing investor confidence in the long-term viability and profitability of crypto-native businesses, driven in part by renewed regulatory clarity and a pro-crypto stance from the current U.S. administration.

Business Strategy & Positioning

Both Gemini and Figure Technology Solutions are capitalizing on the increasing mainstream acceptance of digital assets. Gemini, as a major crypto exchange, is expanding its reach through its partnership with Nasdaq, which provides access to traditional financial institutions for crypto custody and staking services. This strategy positions Gemini to bridge the gap between legacy finance and the burgeoning digital asset economy, similar to how Coinbase has established itself as a publicly traded crypto gateway. Figure Technology Solutions, focusing on blockchain-powered lending and financial services, differentiates itself by leveraging its proprietary Provenance Blockchain. This approach aims to streamline traditional financial processes with blockchain efficiency, attracting investors interested in the foundational technology enabling new financial paradigms. The successful IPOs of Circle, a stablecoin issuer, and Bullish, an institutional crypto exchange, demonstrate a diversified demand for various crypto-native business models in the public markets. The moves by Gemini and Figure underscore a strategic imperative to gain public market access, enhance brand visibility, and secure capital for continued growth and innovation within their respective niches, contributing to the overall legitimization and maturation of the Web3 ecosystem.