Web3 IPO Frenzy: Gemini Oversubscribed, Figure Jumps 24%
Web3 IPOs Remain Hot as Gemini Oversubscribed, Figure up 24%
The appetite for initial public offerings (IPOs) from crypto and blockchain companies shows no sign of slowing down. Gemini's upcoming IPO is generating significant buzz, while Figure Technologies has seen a substantial increase in its share price following its debut.
Gemini IPO Highly Anticipated
Gemini's IPO, slated for Friday, has reportedly been oversubscribed more than 20 times, signaling robust investor interest. Citing sources familiar with the matter, Reuters reported that Gemini and its underwriters ceased accepting new share orders on Thursday, capping the proceeds at $425 million. This move is considered unusual for an IPO.
The exchange initially aimed to raise $433 million, pricing shares between $24 and $26, a bump from the initial range of $17 to $19. Nasdaq, the technology stock exchange, is participating in the offering, reportedly purchasing $50 million in shares as part of a strategic alliance.
Figure Technologies' Strong Debut
Shares of Figure Technologies, a blockchain-based marketplace for financial products, commenced trading on Nasdaq Thursday and saw immediate gains. The share price jumped 24.4% during its first day of trading. Figure revised its list price several times leading up to the IPO, reflecting rising investor demand. The IPO ultimately raised $787.5 million, with the share price settling at $25, up from $18.
Other Notable Crypto IPOs in 2025
While Figure's performance is noteworthy, other crypto-related IPOs have seen even greater success. Circle, a stablecoin issuer, saw its stock increase 167% on its first day of trading. Similarly, crypto exchange Bullish experienced a surge, with its share price reaching as high as 218% on its debut.
Earlier this year, Bitwise predicted that 2025 would be a significant year for crypto IPOs, identifying potential candidates such as crypto exchange Kraken, crypto bank Anchorage Digital, and blockchain analytics firm Chainalysis. As companies navigate token launches and smart contract development, platforms like Codeum provide critical services like audits and KYC to enhance trust and security in this burgeoning space.