Crypto exchange Gemini lifted the price range for its initial public offering to $24 to $26 per share, setting up a debut that could value the company at about $3.2 billion, according to a filing this week.

The New York-based exchange, run by Cameron and Tyler Winklevoss, previously aimed for a range of $17 to $19. The share count remains unchanged at 16.7 million.

At the top end, Gemini would raise roughly $435 million, up from about $317 million under its earlier goal.

Nasdaq partnership

Nasdaq has agreed to invest $50 million in the IPO, highlighting institutional backing for the crypto exchange as it prepares to go public under the ticker GEMI.

The partnership is seen as a vote of confidence in Gemini’s long-term prospects and a signal of Wall Street’s growing acceptance of digital asset platforms.

The IPO comes amid a flurry of fintech listings and renewed appetite for digital-asset companies. However, investor enthusiasm will hinge on Gemini’s ability to stabilize its finances while navigating an evolving regulatory environment.

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CFTC nominee allegations

The IPO is also taking place against the backdrop of fresh regulatory controversy after President Donald Trump’s CFTC chair nominee Brian Quintenz alleged that Tyler Winklevoss attempted to sway his confirmation after failing to initiate a review of Gemini’s long-running dispute with the agency.

Quintenz released private text messages showing Winklevoss sharing Gemini’s complaint against the CFTC Inspector General, which accused the regulator of pursuing unfair enforcement actions.

Quintenz said he refused to promise favorable treatment, committing only to address the matter “fully and fairly” if confirmed. In the messages, Winklevoss expressed frustration over what he described as years of selective enforcement and urged Quintenz to align with Trump’s push to reform regulatory oversight.

The disclosure, made just days before Gemini’s market debut, highlights the company’s high stakes as it seeks to convince investors and regulators of its stability.

Mentioned in this article

Sure, the data above doesn’t scream “crypto’s thriving.”

But zoom out, and you’ll see that we’re actually in quite a sweet spot – the bull market’s still on, institutions no longer take crypto as a joke, and regulators have started making the rules feel less like hieroglyphs.

And for crypto companies, this combo means they gotta rethink how they grow.

Right now, most of ’em are still private. That means they’re stuck with venture capital or token sales to fund their growth.

Both options suck in their own ways – VCs are picky and expensive, while token sales are a gamble that depends on whether the market is feeling good that day.

Public markets, on the other hand, offer something they can’t get anywhere else: steady access to massive amounts of capital, plus the kind of mainstream credibility that venture funding just can’t buy.

That’s why IPOs are kinda having a moment rn.

And the results are wild:

Circle (the issuer of USDC) went public earlier this year. Their stock more than doubled on the first day, making it the biggest crypto IPO since Coinbase.

Bullish (a crypto exchange) IPO’d last month. Shares opened above $90, increased to around $118, then settled at $68 – still 84% higher than the IPO price.

Crazy numbers.

And now, we’ve got two more companies hoppin’ on the IPO train.

“Oh my goshies oh my goshies!1!! Who??” – you maybe.

Ay, chill, you don’t have to guess. I gotchu

1/ Gemini

Gemini, the crypto exchange founded by the Winklevoss twins, plans to list on the Nasdaq under the ticker GEMI.

They wanna sell 16.67M shares at $17 – $19, which could raise up to $317M and value the company at ~$2.22B.

And they’ve got some serious support – Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are all lead bookrunners.

Translation: these are the banks in charge of organizing the IPO and finding investors to buy the shares – so, Gemini’s kicking things off with Wall Street’s A-team.

2/ Figure Technology Solutions

The blockchain-focused lender Figure Technology Solutions is getting in on the action as well.

Just like Gemini, it’s heading to Nasdaq – under the ticker FIGR.

The plan is to sell 21.5M shares at $18 – $20, which could raise about $526M and value the company near $4.3B.

The IPO’s being handled by Goldman Sachs, Bank of America, and Jefferies.

Now, what’s in it for you, the everyday crypto investor, from all this? A few things

1⃣ More legitimacy

A listing on Nasdaq is basically TradFi giving crypto companies a

That builds trust with institutions, which eventually means more money going into the crypto ecosystem – including the coins in your wallet.

2⃣ New ways for normies to get crypto exposure

Not everyone wants to deal with private keys, hardware wallets, or gas fees. IPOs let regular stock investors buy into the industry without touching actual crypto.

More money coming in from different angles is good for everyone.

Basically, IPOs don’t pump your coins directly, but they make crypto look way more professional to the outside world.

And in the long run, that respectability should help your portfolio

Journalist

Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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Last updated: 

September 2, 2025

Blockchain-based lender Figure Technology Solutions Inc. is preparing to go public this month in one of the most closely watched listings in the crypto-fintech sector.

The company and its backers are seeking to raise up to $526 million through an initial public offering, according to a filing with the U.S. Securities and Exchange Commission.

According to a Bloomberg report, Figure plans to sell 21.5 million shares priced between $18 and $20 each, while existing shareholders are offering an additional 4.9 million shares. At the top of that range, the firm would command a market capitalization of $4.13 billion, surpassing its $3.2 billion valuation from a 2021 venture round.

The company is expected to price its shares on September 10, with trading set to begin on Nasdaq under the ticker symbol FIGR. Goldman Sachs, Jefferies, and Bank of America are leading the offering.

Figure IPO Follows Strong Revenue Growth and Blockchain Expansion

Founded in 2018 by Mike Cagney, the former chief executive of SoFi Technologies, Figure has positioned itself as a developer of blockchain-based solutions to streamline consumer lending.

The firm began with home equity line of credit (HELOC) products and has since expanded into crypto-backed loans and a digital asset exchange.

To date, it has originated or purchased more than $16 billion in loans on-chain. In August, the company increased its HELOC borrowing limit from $400,000 to $750,000 to capture a larger share of equity-rich homeowners.

Figure has also moved into artificial intelligence, using OpenAI’s technology to evaluate loan applications and Google’s Gemini chatbot to improve customer interactions.

According to its filing, customers for partner-branded HELOC loans in the first half of 2025 had a weighted average FICO score of 756, slightly higher than the 749 average for its own-branded loans.

The company’s growth trajectory has accelerated in 2025. For the six months ending June 30, Figure reported a net income of $29.1 million on revenue of $190.6 million, compared with a net loss of $15.6 million on $156 million in revenue during the same period last year.

Investors include Apollo Global Management, 10T Holdings, and Ribbit Capital. Despite the IPO, Cagney will continue to control a majority of the voting power, the filing shows.

Michael Tannenbaum, formerly with Brex and SoFi, was appointed CEO in 2024, tasked with guiding the company’s public market debut and scaling its blockchain-based lending products.

Beyond lending, Figure is pursuing regulatory approval for what it says could be the first U.S.-approved interest-bearing stablecoin structured as a security.

Figure’s offering follows a series of confidential filings earlier this year, with the company formally submitting its registration in mid-August.

Marketing presentations to investors emphasize its ability to pair blockchain efficiency with traditional financial rigor, noting cost reductions in loan origination and securitization.

In addition to loan products, Figure recently rolled out its Intellidebt solution, which has already helped customers pay off $133 million in debt by consolidating credit cards, auto loans, and personal loans into single payment structures.

Crypto IPO Rush Accelerates as Gemini and Circle Join Wall Street Frenzy

Crypto-linked companies are racing to public markets this fall, capitalizing on renewed investor appetite and favorable conditions in the U.S.

According to recent filings, Gemini Space Station, the parent of crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, is seeking up to a $2.22 billion valuation in its Nasdaq debut.

The New York-based firm plans to sell 16.67 million Class A shares at $17 to $19 each, potentially raising $317 million. Shares will trade under the ticker GEMI, with underwriters granted an option to buy an additional 2.5 million shares.

Ripple has backed Gemini’s listing with a $75 million credit facility, expandable to $150 million.

The surge in activity comes after Circle Internet Group’s successful market debut earlier this year, which more than doubled its value. It now boasts a $30 billion market cap.

The strong performance has fueled optimism that 2025 could mark a turning point for digital asset firms after years of regulatory and market headwinds.

Wall Street banks are fielding heightened demand from technology and crypto issuers. Goldman Sachs’ co-head of equity capital markets, Will Connolly, said firms are accelerating timelines, with some originally targeting 2026, now asking to move forward this year.

JPMorgan’s Keith Canton projects that dozens of IPOs could close before year-end, raising more than $15 billion.

Beyond traditional listings, crypto-focused special purpose acquisition companies (SPACs) are also entering the fray. Bitcoin Infrastructure Acquisition Corp., a Cayman Islands-based blank-check firm, filed to raise $200 million to target Web3, DeFi, and blockchain finance companies, listing on Nasdaq under the ticker BIXIU.

Other listings include Bullish, a Peter Thiel-backed exchange that raised $1.15 billion in its NYSE debut, entirely in stablecoins. Bullish joined Coinbase and Circle among the best-performing crypto IPOs of 2025, with Circle and CoreWeave delivering 336% and 132% returns, respectively.

With supportive policy shifts under the Trump administration and a buoyant risk environment, crypto IPOs are gaining momentum as firms rush to secure market share before year-end.

Crypto firm has entered into a credit agreement with crypto exchange Gemini ahead of the latter’s initial public offering (IPO). The crypto exchange revealed the details of this agreement in its IPO filing, with the amount expected to be used to finance some costs that may arise during the public offering.  

Details Of Ripple’s Agreement With Gemini

In its IPO filing with the SEC, Gemini revealed that it entered into a credit agreement with Ripple in July. Under the agreement, the crypto exchange can make lending requests of no less than $5 million each, and up to an aggregate commitment amount of $75 million. Furthermore, the initial commitment of $75 million can be increased or decreased from time to time, subject to the attainment of certain metrics that both parties have agreed on. 

Related Reading

However, the aggregate commitment of the credit agreement between Gemini and Ripple cannot exceed $150 million, meaning that is the maximum credit that the crypto exchange can request from the crypto firm. Once Gemini exceeds the initial commitment of $75 million, then it will need to make lending requests in the form of Ripple’s RLUSD stablecoin, which the crypto firm has to consent to. 

Gemini revealed that all its lending requests under the Ripple credit agreement must be secured by collateral. It shall also bear an interest rate per annum of 6.50% or 8.50% and must be repaid in USD. Although some details were redacted, the crypto exchange indicated that it has also received some amount from Ripple under the agreement. 

With this, Ripple has become a major backer for Gemini’s IPO, which is expected to take place soon. Notably, the crypto exchange’s financials in the IPO show that it posted net losses over the quarters that span back to March 2023. In just the first half of this year alone, Gemini has recorded a net loss of $282 million. 

Details Of The Gemini IPO

With Ripple’s backing, Gemini plans to offer shares of its Class A common stock, although it has yet to reveal how many shares will be available in the IPO. The crypto exchange has yet to provide details on how much these IPO shares are likely to sell for each. However, it revealed that it has applied to list these Class A common stock on the Nasdaq stock market under the symbol “GEMI.”

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Furthermore, the lead underwriters for the Gemini IPO are Goldman Sachs and Citigroup, with support from other firms such as Morgan Stanley and Cantor. Gemini’s IPO plans follow the successful execution of crypto exchange Bullish’s IPO, in which the exchange raised $1.15 billion after selling its shares for $37 each. Gemini will be looking to record similar success, considering the massive crypto demand among traditional finance (TradFi) investors.

Featured image from Getty Images, chart from Tradingview.com