Major Crypto Firms Aim for Billion-Dollar Valuations

Major US Crypto Firms Aim for Billion-Dollar Valuations in IPOs

3 September 2025 on 12: 34

Reading time: 2 minutes

Gemini and Figure Technologies are jointly targeting a valuation of over $6,3 billion for their IPOs, as digital asset companies capitalize on renewed investor enthusiasm for public markets, as reported on September 2nd. Figure, a blockchain lender, is seeking up to $526,3 million in funding at a maximum valuation of $4,13 billion, while the Gemini exchange is seeking $317 million at a valuation of $2,22 billion. These documents underscore the growing momentum behind crypto IPOs, particularly following the successful launches of Circle and Bullish earlier in 2025.

Figure plans to sell 26,3 million shares at a price between $18 and $20 each, with existing investors participating in the offering. Founded by technology entrepreneur Mike Cagney in 2018, the company offers a blockchain-native platform for borrowing, trading, and investing in consumer credit and digital assets. Gemini, founded by twins Cameron and Tyler Winklevoss in 2014, will offer 16,67 million shares, priced between $17 and $19 per share. The New York-based exchange has positioned itself as a regulated cryptocurrency platform, targeting both retail and institutional clients.

Regulatory dynamics in the US

The IPO filings confirm the predictions of Matthew Hougan, Chief Investment Officer of Bitwise, who announced in December 2024 a “stampede of crypto unicorn IPOs in 2025.” Hougan cited rising crypto prices, institutional adoption, mainstream acceptance of blockchain technology, and favorable political conditions as catalysts for public offerings. Stablecoin issuer Circle completed its public debut via a SPAC transaction earlier this year, while crypto exchange Bullish also went public. These IPOs have established successful precedents for crypto companies seeking access to the public markets. Both companies are now trading above their initial valuations, demonstrating continued investor interest in crypto ventures.

Newfound regulatory clarity, strong inflows into crypto-centric exchange-traded funds (ETFs), and corporate investment have accelerated institutional adoption of digital assets, creating favorable conditions for exchange-traded funds.

Expanding the IPO pipeline

There are additional crypto companies preparing for potential IPOs in 2025. Kraken, one of the largest cryptocurrency exchanges in the US, has been exploring IPO plans since 2021 but is now facing the possibility of a delayed 2026 launch. Compliance firm Chainalysis and digital infrastructure provider Anchorage are also mentioned as potential candidates identified by Hougan in his forecasts. Figure's focus on blockchain financial services aligns with Wall Street's growing interest in tokenization, while Gemini's regulated status as an exchange is attractive to institutions seeking compliant trading environments for cryptoBoth companies have operational trajectories spanning multiple market cycles. The joint funding being sought by Figure and Gemini would represent the largest wave of crypto IPO financing since the sector's peak in 2021, marking 2025 as a pivotal year for cryptocurrency companies in traditional capital markets.

Frequently Asked Questions

What factors are driving recent crypto IPO initiatives?
Newfound regulatory clarity, growing institutional adoption, and the strong performance of previous crypto IPOs are key factors driving this trend.

What does the focus on compliance mean for crypto companies like Gemini?
Gemini's regulated status positions it as a confidence-inspiring option for institutional investors, who often seek regulatory compliance in their trading strategies.

How could the expected IPO wave impact the future of the crypto market?
A strong IPO wave would not only increase confidence in crypto but also further improve liquidity and accessibility for investors, which could accelerate the overall growth of the market.

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