Blockchain companies IPO frenzy…Figure, Gemini and others compete for large-scale fundraising

Blockchain companies are launching IPOs one after another, entering a competition to raise hundreds of millions of dollars.

On the 2nd (local time), according to The Block, blockchain-based lender Figure Technology Solutions said it plans an IPO targeting about $526 million, and Gemini Space Station, led by the Winklevoss brothers, said it aims to raise up to $361 million.

Figure plans to issue more than 26 million Class A common shares at $18–$20 per share. The IPO underwriters are Goldman Sachs, Jefferies, and Bank of America. Figure raised $200 million in 2021 at a $3.2 billion valuation, and its revenue in the first half of this year was $190.6 million, up 22.4% year-over-year, and its net income was $29 million. This represents a turnaround to profit from a net loss of $13 million in the first half of 2024.

Gemini plans to issue 16,666,667 Class A common shares at $17–$19 per share, and the underwriters include Goldman Sachs, Citi, Morgan Stanley, and Kanto. Gemini posted a net loss of $282.5 million in the first half, a significant widening from a $41.4 million loss in the same period last year. During the same period, adjusted EBITDA swung from a $32 million profit to a $113.5 million loss, and the full-year 2024 net loss reached $158.5 million.

Figure and Gemini are among the crypto companies that have recently joined the IPO frenzy. Earlier, Grayscale and BitGo were preparing to pursue listings, Bullish saw its share price surge more than 150% on its first day of trading on the New York Stock Exchange last month. The stablecoin USDC issuer Circle also successfully completed its IPO earlier this year. If Gemini succeeds in listing, it would become the third publicly listed crypto exchange in the U.S. after Coinbase and Bullish.