The IPO market for Web3 companies remains strong, highlighted by the significant investor interest in Gemini's upcoming debut and the successful launch of Figure Technologies. Gemini's initial public offering (IPO), expected to occur on Friday, has reportedly been oversubscribed by more than 20 times. This surge in demand led Gemini and its bankers to halt the acceptance of new share orders. This "unusual" move for an IPO capped the proceeds at $425 million.

Gemini had initially increased its fundraising target to $433 million, with a prospective listing share price between $24 and $26, a jump from the initial floor price of $17 to $19. Nasdaq, the technology stock exchange, is among Gemini's investors, reportedly purchasing $50 million in shares as part of a strategic partnership. The oversubscription and increased price range suggest a strong market valuation for Gemini, potentially exceeding $3 billion.

Figure Technologies, a blockchain-based marketplace for financial products, also experienced a successful IPO debut on the Nasdaq. The company's shares jumped 24.4% on the first day of trading. Strong investor demand allowed Figure to revise its list price multiple times, settling at $25 per share, up from the initial $18. The offering ultimately raised $787.5 million. Figure's stock closed at $31.11 on its debut, establishing a market capitalization of $6.6 billion. The stock reached an intraday peak of $36.13, a 44.5% surge from the pre-sale price.

Figure's CEO, Michael Tannenbaum, said that the company is demonstrating to Wall Street how blockchains can create more efficient markets for real-world assets and help investors understand concepts like tokenization. Figure's blockchain-based platform facilitates loans, reducing the completion time from months to days and significantly lowering costs. The company reported $340.9 million in revenue last year, with a net income of $19.9 million. In the first half of 2025, revenue jumped another 22% to $190.6 million, and net income reached $29.4 million.

Other crypto IPOs in 2025 have also seen success. Circle, a stablecoin issuer, boosted its IPO to raise $1 billion and experienced a 167% increase in stock price on its first day of trading. Bullish, a cryptocurrency exchange, saw its share price soar as high as 218% on its first trading day.

Bitwise previously predicted that 2025 would be the year of crypto IPOs. Potential candidates to go public include crypto exchange Kraken, crypto bank Anchorage Digital, and blockchain analytics company Chainalysis. The combined funding targeted by Figure and Gemini represents the largest crypto IPO fundraising wave since the sector's 2021 peak.