Figure Technologies and Gemini are the latest crypto-native firms looking to replicate the cryptocurrency sector’s initial public offerings (IPOs) success of earlier listings like Circle and Bullish, riding on a wave of renewed investor confidence and regulatory clarity.
Kraken, Grayscale, and BitGo also have upcoming IPOs, as investors continue to show a sustained appetite for crypto public listings, encouraged by recent regulatory clarity and the pro-crypto Trump administration in the U.S.
Figure raises IPO target
Stablecoin issuer Figure Technologies has officially increased the size of its IPO and raised the price range as retail investors bid up crypto-related stocks.
The company is currently marketing the IPO at a price range of $20 to $22 a share – up from its previous range of $18 to $20 a share. The number of shares has also been raised to 31.5 million from around 26 million.
At the top end of the new pricing range, Figure’s IPO will raise roughly $693 million, leaving the company valued at $4.66 billion. At former prices, Figure’s IPO would have raised as much as $526 million and valued the company at $4.1 billion.
The blockchain firm is scheduled to start trading on the Nasdaq on Thursday under the symbol FIGR.
Stakeholders believe the attention IPOs are getting can be attributed to the Trump administration’s embrace of the crypto industry, especially following the successful debuts of crypto exchange Bullish and stablecoin issuer Circle in recent weeks.
Gemini taps Nasdaq as adviser ahead of public listing
Another firm preparing for its U.S. public listing is Gemini, which also recently secured Nasdaq as a strategic investor, enhancing its financial backing.
According to reports, the exchange is now moving forward with plans for a New York listing scheduled for this week, marking a significant milestone in its growth strategy.
Gemini, which could raise as much as $317 million in the initial public offering, has reportedly lined up Nasdaq to purchase as much as $50 million in shares in a private placement at the time of the IPO, according to sources who asked not to be identified because the agreement is not yet public.
The investment is part of a partnership that will allow Nasdaq’s clients to access Gemini’s custody and staking services, while Gemini’s institutional clients will get access to Nasdaq’s Calypso platform to manage and track trading collateral.
Gemini expects to trade on the Nasdaq on Friday under the ticker “GEMI.” Its flotation would make it the third publicly traded crypto exchange after Bullish and Coinbase, the first crypto exchange to join the S&P 500.
The Winklevoss twins aim to leverage this investment to expand Gemini’s offerings and enhance its market presence, focusing on regulatory compliance and user trust.