Figure Technologies, a blockchain lending company, is preparing for an Initial Public Offering (IPO), as the tokenization sector is reportedly maturing.
The world of cryptocurrencies is seeing a surge in mainstream adoption, with several blockchain companies planning to go public this year. Two prominent names in this mix are Figure Technologies and Gemini Exchange.
Figure Technologies' Nasdaq IPO
Figure Technologies, a blockchain lender founded in 2018, has filed initial paperwork for an Initial Public Offering (IPO) on the Nasdaq Stock Market. The company, which uses a blockchain-based platform for lending, including real estate, claims to be the largest nonbank provider of home equity lines of credit in the U.S.
The company reported a 22% revenue surge to $191 million in the six months ending June 30, 2025, with a net income of $29.1 million. Figure may be one of the most important players in the tokenization of real-world assets (RWA) space, with more than 70% market share and over $11 billion in active loans on its Provenance blockchain. The company's software has been used for more than $16 billion worth of home loans.
The shares are expected to debut on the Nasdaq under the ticker FIGR, but the company's valuation is not yet known. Goldman Sachs Group, Jefferies Financial Group, and Bank of America are set to lead Figure's IPO. Illia Otychenko, lead analyst at CEX.IO, stated that the IPO is a sign that tokenization is now being embraced by the mainstream corporate world.
Gemini Exchange's Nasdaq Listing
Crypto exchange Gemini made its IPO plans public last week. Backed by Ripple, Gemini has filed to list on Nasdaq under the ticker "GEMI," becoming the third major U.S. crypto exchange to public list, following Coinbase and Bullish. The exchange, which is known for its cryptocurrency trading platform, has secured a $75M credit facility.
The IPO momentum is supported by a friendlier regulatory environment and optimism for digital asset companies entering public markets. The shares' debut value is yet to be announced.
Bullish's Successful NYSE Debut
Bullish, a U.S.-listed crypto exchange, made its debut on the New York Stock Exchange last week. The exchange, which raised $1.15 billion in its IPO, is now valued at $5.4 billion. This successful IPO is a testament to the growing acceptance of cryptocurrencies in the corporate world.
The current trend of IPOs in the crypto sector is expected to continue, with more companies likely to list later in 2025 or next year, as the market environment remains hot and favourable for such moves. However, no other specific blockchain companies with scheduled IPOs exactly in 2025 were mentioned in the current results beyond Figure and Gemini.
As the world of cryptocurrencies continues to evolve, it's clear that public listings are becoming a more common and accepted path for blockchain companies. This trend is likely to continue, with more companies expected to follow Figure Technologies, Gemini, and Bullish in the coming months and years.
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