A wave of investor demand is crashing into crypto—and this time, it’s coming from the public markets. Gemini and Figure Technologies just priced two of the hottest IPOs in recent history, showing that blockchain-aligned companies are no longer waiting on the sidelines. Instead, they’re stepping onto the biggest financial stage, and investors are racing to get in.
Gemini, the crypto exchange built by the Winklevoss twins, saw its IPO oversubscribed more than 20×. Originally targeting $17–$19 per share, investor appetite forced the price range up to $24–$26, raising over $425 million. Despite recent losses, Gemini’s brand strength, regulatory positioning, and global reach fueled massive institutional demand—pushing its valuation close to $3.1 billion.
Meanwhile, Figure Technologies—a blockchain-powered lending platform—stunned markets with a $787.5 million raise. It priced 31.5 million shares at $25 and immediately saw a surge in trading. Investors rewarded the company’s profitability and real-world utility: Figure uses the Provenance blockchain to process home equity loans in days, not weeks. With a public valuation exceeding $7 billion, Figure now stands as one of the most valuable blockchain-native fintechs on Nasdaq.
🇺🇸U.S. Stablecoin issuer Figure raised $787.5m at $25/share in its Nasdaq IPO on Wednesday, valuing the company at $5.3B.
— Fission (@FissionXYZ) September 11, 2025
After Gemini, Figure is the 2nd blockchain company this week raising its IPO target due to high demand.
Trading will start today under $FIGR.
Are you buying? pic.twitter.com/eZ3sJ4wXNS
Crypto Is No Longer Waiting for Approval—It’s Getting Listed
The massive demand for crypto IPOs isn’t just a win for two companies—it’s a signal that public markets are waking up to blockchain’s staying power. These IPOs weren’t driven by hype or token speculation. They were backed by real metrics, regulatory clarity, and scalable business models.
In both cases, investor interest came not from retail frenzy but from institutional buyers. Fund managers, endowments, and family offices lined up, not just for exposure to crypto, but for exposure to regulated, revenue-generating businesses that use blockchain as infrastructure—not marketing.
This represents a turning point. Until now, most crypto-native companies avoided IPOs due to unclear regulations and market volatility. But Gemini and Figure show that those tides are turning. Demand is back—and it’s not chasing memes. It’s chasing mature infrastructure, compliant frameworks, and teams that know how to scale.
The Playbook Has Changed
These IPOs prove one thing: the public markets are ready—but only for the right kind of crypto companies. The massive demand for crypto IPOs shows that investors are no longer allergic to blockchain. They’re just selective.
Gemini and Figure succeeded because they brought structure, clarity, and growth potential. Others will follow, but the bar has been set. The next wave of listings will need to meet rising expectations. That’s good news for the space—and even better news for builders who are ready to take crypto mainstream.
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