Figure, Gemini File for US IPOs as Crypto Companies Rush to Public Markets

Two prominent cryptocurrency companies have filed for initial public offerings in the US, adding to a growing wave of digital asset firms seeking to capitalize on favorable market conditions under the Trump administration's crypto-friendly policies.

Figure Technology Solutions, a blockchain-based lending platform, disclosed strong financial performance in its Monday SEC filing , reporting revenue of nearly $191 million for the first half of 2025, up 22% from the previous year. The company also swung to a $29 million profit from a $13 million loss in the same period last year.

Founded in 2018 by Mike Cagney, who previously co-created online lender SoFi, Figure operates on the Provenance blockchain and has originated over $16 billion in blockchain-based loans while completing more than $50 billion in on-chain transactions. The New York-based company plans to list on Nasdaq under ticker "FIGR" with Goldman Sachs, Bank of America, and Jefferies leading the offering.

"Blockchain can do more than disrupt existing markets," Cagney said in the filing, arguing that the technology can bring liquidity to historically illiquid assets like loans while eliminating traditional financial intermediaries.

In contrast, Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, revealed deteriorating financial performance despite filing for its own Nasdaq listing under ticker "GEMI." The company posted a $158.5 million net loss in 2024 on $142.2 million in revenue, with losses accelerating to $282.5 million in the first half of 2025 on just $67.9 million in revenue.

Despite the mounting losses, Gemini showed operational growth with 523,000 monthly transacting users, up 5.7% year-over-year, and trading volume jumping 50% to $24.8 billion in the first half of 2025. The platform's assets under management also rose over 30% to $18.2 billion.

Both offerings reflect the dramatically changed landscape for crypto IPOs following Circle Internet Group's blockbuster June debut, which raised $1.1 billion and closed 167% above its issue price on the first day. Crypto exchange Bullish also surged 83% in its recent NYSE debut after raising over $1 billion.

The IPO filings come as the cryptocurrency industry experiences renewed investor interest, driven by bitcoin's surge past $124,000 earlier this month and growing institutional adoption through exchange-traded funds.

Figure was valued at $3.2 billion in its 2021 funding round, while Gemini achieved a $7.1 billion valuation in its last private financing.

Additional crypto companies including custodian BitGo, ETF issuer Grayscale, and exchange Kraken are also reportedly considering public offerings as the sector seeks to capitalize on improving regulatory clarity and market conditions.

Elsewhere

Blockcast

Institutional Stake-hodlers: stETH vs stVaults vs Sales Cycle

Lido Ecosystem Foundation's head of institutional relations Kean Gilbert hops on Blockcast to confirm that institutions are here, after a long journey of discovery and education. Discover what happens during the shift from traditional finance to the forefront of blockchain innovation, and explore the strategic moves shaping the future of Ethereum and liquid staking.

Access the episode from your preferred podcast platform here .

Blockcast is hosted by Head of APAC at Ledger, Takatoshi Shibayama . Previous episodes of Blockcast can be found here , with guests like Kapil Duman (Quranium), Eric van Miltenburg (Ripple), Jeremy Tan (Singapore parliament candidate), Hassan Ahmed (Coinbase), Sota Watanabe (Startale), Nic Young (Oh), Jacob Phillips (Lombard), Chris Yu (SignalPlus), Kathy Zhu (Mezo), Samar Sen (Talos), Jason Choi (Tangent), , Mark Rydon (Aethir), Luca Prosperi (M^0), Charles Hoskinson (Cardano), and Yat Siu (Animoca Brands) on our recent shows.

Blockhead is a media partner of Coinfest Asia 2025. Get 20% off tickets using the code M20BLOCKHEAD at https://coinfest.asia/tickets .