Recently, two companies specializing in cryptocurrency had remarkable initial public offerings (IPOs), marking a significant rebound for the U.S. IPO market after a prolonged period of inactivity. These successful launches are emblematic of a revitalization driven by firms focused on digital assets.
Figure Technology experienced a strong debut on its first trading day, with a 44% increase from an initial offering price of $25, resulting in a market valuation of $7.6 billion. The blockchain-based home equity lender, headquartered in New York, opened shares at $36 and successfully raised $787.5 million in a larger-than-anticipated offering. Throughout that day, the stock price fluctuated, reaching a peak of $38 before settling at $31.11, and closing the subsequent session at $32.50.
The following day, Gemini Space Station’s shares surged by 32% upon their debut on Nasdaq, placing the valuation of this cryptocurrency exchange at approximately $4.4 billion. The company, established by the Winklevoss twins, launched its shares at $37.01, significantly higher than its $28 IPO price, and raised $425 million in their offering.
These two firms’ impressive market performances contributed to an active week for U.S. IPOs, the most robust since July 2021, as businesses aimed to take advantage of high equity market levels and diminishing worries about trade policy volatility that had previously stifled new offerings.
Both companies appeared to benefit from favorable regulatory conditions towards digital assets, particularly noted during the Trump administration, which exhibited a more friendly approach to cryptocurrency business operations than prior governance. Analysts pointed out that Gemini strategically timed its IPO amidst this climate, leveraging a recent successful crypto offering and governmental regulatory shifts.
Figure Technology differentiates itself from many crypto-focused firms by providing services related to home equity lending infrastructure rather than simply capitalizing on the fluctuating value of digital currencies. It utilizes a proprietary Provenance blockchain for tasks related to the origination, verification, and processing of home equity loans. In fact, the company facilitated $6 billion in home equity lending over the preceding year, representing a 29% increase from the previous twelve-month period.
Notably, ten of the top twenty mortgage lenders are using Figure’s technology, which has helped the company maintain steadier stock prices compared to cryptocurrency firms primarily invested in digital assets as speculation instruments, which have experienced significant declines.
Gemini’s successful public offering signifies a notable comeback for the Winklevoss brothers, who faced scrutiny from regulators in recent years. Their company, despite recording a net loss of $282.5 million in the first half of 2025—significantly higher than losses in the same period of the previous year—anticipates an uptick in trading volumes as institutional interest in cryptocurrencies grows. Highlights of their IPO include strong investor demand, with the offering being oversubscribed by 20 times, which undoubtedly contributed to its favorable reception in the market.
The timing of these launches has proven crucial as the companies capitalize on increased investor confidence, spurred in part by notable investments from Nasdaq and a growing interest in the financial technology sector, particularly within cryptocurrency exchanges.
Both Figure and Gemini join an expanding list of cryptocurrency exchanges that are now publicly traded, including prominent players like Coinbase and Bullish. This trend reflects a broader appetite for companies harnessing technology to facilitate financial transactions, with expectations of further institutional adoption growing within the market.
In summary, the recent IPO successes of these cryptocurrency-centric companies not only signal an industry revival but also suggest a shifting landscape for how digital assets are perceived and integrated within mainstream finance.