US Crypto Firms Target Multi-Billion Valuations Amid Bull Market IPOs
By: Eva Baxter
In a robust wave of initial public offerings (IPOs) in the crypto industry, two major US firms, Gemini and Figure Technologies, are setting their sights on combined valuations exceeding $6.3 billion. These valuations align with renewed investor interest in digital assets and an optimistic trajectory for crypto firms entering public markets. As digital currencies gain traction, these companies are seizing opportunities in the traditional capital markets, driven by favorable conditions and institutional adoption.
Figure Technologies, a blockchain-centric lender, is aiming for a maximum valuation of $4.13 billion by raising up to $526.3 million. Founded by technology entrepreneur Mike Cagney in 2018, Figure offers platform services for lending, trading, and investing in consumer credit as well as digital assets. Meanwhile, Gemini exchange, a platform created by the Winklevoss twins — Cameron and Tyler — in 2014, looks to gather $317 million with shares priced between $17 and $19. Positioned as a regulated cryptocurrency trading venue, Gemini caters to both retail and institutional clients underlining its strong compliance status in the industry.
The current momentum for crypto IPOs is a continuation of past successes, notably the public offerings by companies like Circle and Bullish in recent times. The improving price trend in cryptocurrencies, widespread acceptance of blockchain technology, and favorable political landscape have catalyzed the entry of these firms into public markets. Importantly, prominent investments into exchange-traded funds (ETFs) centered on cryptocurrencies signal an increasing institutional adoption, propelling more firms to embrace IPOs. This phenomenon paves the way for potentially one of the most significant periods in crypto IPO history, demonstrating enduring investor confidence.
With other companies like Kraken reportedly planning IPOs in the coming years and firms like Chainalysis and Anchorage Digital touted by industry analysts, the IPO pipeline is expected to expand further. In essence, 2025 is poised to be a pivotal year, potentially marking the next peak in crypto IPO activity, underscoring the intersection where digital assets meet traditional finance in a rapidly evolving market.
