Key Takeaways
- Gemini and Figure Technologies have officially filed for IPOs with the SEC.
- IPOs are becoming a defining trend of the 2025 bull run.
- Circle’s blockbuster IPO earlier this year helped ignite the rush.
2025 is shaping up as the year crypto goes public.
A wave of major crypto firms in the industry are filing to list on U.S. exchanges, marking a defining moment in the sector’s evolution.
The latest to join the rush are Gemini, the exchange run by Cameron and Tyler Winklevoss, and blockchain-based lending platform Figure Technologies.
Both crypto firms have taken their IPO filings public in August, positioning themselves for Wall Street debuts in the months ahead.
Gemini and Figure Make Their Move
Figure Technology Solutions, a consumer lending firm built on blockchain rails, filed for an IPO with the Securities and Exchange Commission (SEC) on Aug. 18, 2025.
The company aims to raise around $400 million and plans to operate under the name FT Intermediate following the offering.
“By taking historically illiquid assets – such as loans – and putting them and their performance history on-chain, blockchain can bring liquidity to markets that have never had such,” said co-founder Mike Cagney. “The IPO is one step in a long process to bring blockchain to all aspects of capital markets.”
Figure’s filing followed Gemini’s move just days earlier.
The crypto exchange, founded by the Winklevoss twins, went public with its S-1 filing on Aug. 15.
Gemini plans to list shares on Nasdaq under the ticker GEMI, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald as lead bookrunners.
The exchange said it will use proceeds to strengthen operations and repay third-party debt.
IPOs Define the 2025 Bull Run
Every crypto bull market brings a defining trend.
In 2021–22, it was institutional funding rounds that minted dozens of unicorns.
In 2025, the spotlight has shifted to crypto firm IPOs.
Circle’s IPO in July set the tone, raising $896 million after its share offering was 25 times oversubscribed.
Shares surged 168% on their first day of trading, propelling the company’s market cap to $42 billion.
Bullish, a Peter Thiel-backed exchange, went public soon after with a valuation near $4.75 billion.
Its stock jumped 84% on its debut, cementing appetite for crypto equities on Wall Street.
Kraken, another U.S.-based exchange, is also preparing for an IPO as early as 2026 after shelving earlier plans in 2022.
Meanwhile, Bitkub, BitGo, Gemini, and now Figure Technologies are all part of the growing wave.
The momentum signals a turning point: crypto firms aren’t just surviving regulation—they’re taking center stage on public markets.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
