Figure Targets $526 Million IPO as Gemini Eyes $361 Million Raise in Crypto Push

- Figure Technology Solutions and Gemini Space Station, Inc. unveil ambitious IPO plans. - Combined, the cryptocurrency firms aim to raise nearly $887 million, signaling growing public market interest in the sector. On September 2, 2025, The Block reported that two prominent cryptocurrency-focused companies, Figure Technology Solutions and Gemini Space Station, Inc., have filed for substantial initial public offerings (IPOs). These filings mark a significant step in the crypto industry's expansion into public markets. Figure Technology Solutions, a blockchain-based lending platform co-founded by SoFi's Mike Cagney, is targeting a $526 million IPO. The company plans to sell over 26 million shares of its Class A common stock, pricing them between $18.00 and $20.00 per share. Figure will use the proceeds for general corporate purposes, including working capital and potential acquisitions. However, the company has clarified it has no immediate plans to issue dividends. In parallel, cryptocurrency exchange Gemini Space Station, Inc., founded by Cameron and Tyler Winklevoss, aims to raise up to $361 million. The company will sell 16,666,667 shares of its Class A common stock, priced between $17.00 and $19.00 per share, while underwriters will have a 30-day option to purchase additional shares. Financial disclosures show Gemini recorded a net loss of $282.5 million in the first half of 2025, highlighting the IPO's critical role as a fundraising mechanism. These filings add to a growing list of crypto firms entering the public markets, as just last month, Bullish, a crypto trading platform, made its debut on the New York Stock Exchange and experienced a remarkable 150% surge in stock price on its first day of trading. A successful IPO for Gemini would position the exchange as a leading publicly traded cryptocurrency entity in the U.S., alongside Coinbase and Bullish. Meanwhile, according to CoinMarketCap, USD Coin (USDC) is trading at $1.00 as of 17:09 UTC on September 2, reflecting a marginal 0.011% increase in 24-hour trading volume.