Gemini‘s IPO and Figure‘s IPO are leading a historic $12 billion wave of cryptocurrency company public offerings on Nasdaq right now. The crypto IPO surge includes major Bitcoin IPO candidates and also blockchain firms that are capitalizing on regulatory clarity, along with institutional demand for digital asset exposure through traditional markets.

Gemini IPO and Figure IPO Lead Crypto IPO Wave on Nasdaq Listing

Figure IPO celebration at Nasdaq bell ringing ceremony
Figure IPO celebration at Nasdaq bell ringing ceremony – Source: Forbes

The Gemini IPO was completed successfully on September 12, 2025, and shares surged 40% from the $28 pricing to $37.01, which raised $425 million at a $3.3 billion valuation. The cryptocurrency exchange that was founded by Cameron and Tyler Winklevoss saw institutional demand exceed available shares by over 20 times during the Nasdaq listing process.

Gemini executives and team celebrating at Nasdaq with confetti
Gemini executives and team celebrating at Nasdaq with confetti – Source: CNBC

Figure IPO preparations are targeting a $4.13 billion valuation right now, with the blockchain-based lender planning to sell 26.3 million shares at $18-$20 each. Combined with other crypto IPO candidates including Circle (which raised $1.1 billion), Bullish ($4.8 billion valuation), and also additional Bitcoin IPO prospects, the collective pipeline actually approaches $12 billion in new public market valuations.

Josef Schuster, CEO of IPOX, stated:

“With the current administration strongly supportive of the space, the pipeline is likely to remain active for well-structured, compliance-forward players.”

Also Read: Gemini IPO 20x Oversubscribed, Raises $425M at $28/Share

Regulatory Support Drives $12 Billion Crypto IPO Pipeline

The unprecedented scale of this crypto IPO wave actually reflects regulatory developments that have reduced uncertainty around digital asset companies. Figure’s dramatic financial turnaround demonstrates this confidence – the company posted a $29 million profit for the six months ending June 30, which was a reversal from a $13 million loss the previous year. Gemini IPO isn’t far behind either.

Jeff Zell, senior research analyst at IPO Boutique, had this to say:

“Investors in this space tend to be patient because they see the long-term potential, especially with regulatory hurdles starting to clear and adoption continuing to grow.”

The Bitcoin IPO component benefits from Bitcoin trading near $118,000 right now, which is encouraging Bitcoin mining companies and also blockchain infrastructure firms to pursue Nasdaq listing opportunities. This institutional appetite has been driving the Gemini IPO success and has positioned Figure IPO as the next major debut in the crypto IPO bonanza.

The $12 billion crypto IPO wave represents the maturation of digital asset companies that are transitioning from speculative ventures to institutional-grade businesses. As Gemini IPO trades under ticker GEMI and Figure prepares for FIGR listing, these companies are proving that cryptocurrency firms can actually thrive in public markets while maintaining technological innovation.

Also Read: Klarna IPO to Raise $1.27B as KLAR Stock Debut Values Firm at $14B

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  • crypto
  • GEMINI
  • IPO