[Crypto IPO] Figure Skyrockets 44% on IPO Debut, All Eyes Now on Gemini as the Next Crypto Star

Figure Skyrockets 44% on IPO Debut, All Eyes Now on Gemini as the Next Crypto Star

TradingKey – Figure’s strong first-day performance sets the stage for Gemini’s highly anticipated listing.

On Thursday, September 11 (local time), bullish sentiment swept through U.S. markets, with all three major indexes closing at record highs. This momentum helped stablecoin issuer Figure (ticker: FIGR) surge on its Nasdaq debut.

According to market data, Figure opened strong and spiked 52% intraday, reaching a high of $38. By the close, gains had narrowed to 24%, with shares settling at $31. The IPO was priced at $25 per share.

Today, September 12, crypto exchange Gemini (ticker: GEMI) will officially begin trading on Nasdaq. The IPO was oversubscribed, prompting a price range increase from $17–$19 to $24–$26 per share. Gemini ultimately raised $425 million, pricing its shares at $28 — well above initial estimates, signaling strong market confidence.

Figure Prices IPO at $18–$20, Valuation Exceeds $4 Billion

TradingKey – Figure has set its IPO price range at $18 to $20 per share, but a subdued crypto market could temper its post-listing performance.

On Tuesday, Figure filed a registration statement with the U.S. Securities and Exchange Commission detailing plans to offer 26 million Class A common shares — about 21 million new shares issued by Figure itself and roughly 5 million shares sold by existing stakeholders. 

Final pricing will be announced on Wednesday, September 10, with the company aiming to raise approximately $526 million, implying a valuation north of $4 billion.

Earlier this year, fellow crypto-focused issuers Circle (CRCL) and Bullish (BLSH) went public and enjoyed strong debuts. However, both have since retraced sharply: Circle’s shares have plunged as much as 59%, while Bullish is down about 47% from its highs. 

Over the past month, Bitcoin (BTC) rallied then retreated by more than 3%, leaving the broader crypto sector in a lull — an environment that may cap upside in Figure’s own stock once it begins trading.

Figure Technology Follows Circle and Bullish with Nasdaq Listing Plans

TradingKey – On August 18, U.S.-based blockchain lending firm Figure Technology Solutions Inc. publicly announced it has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Market under the ticker symbol FIGR.

The company has not yet disclosed the number of shares to be offered, pricing range, or expected listing date. The IPO will be underwritten by Goldman Sachs, Jefferies, and Bank of America Securities, joining a growing wave of crypto-native firms entering public markets following the high-profile debuts of Circle (CRCL) and Bullish (BLSH).

About Figure Technology

Founded in 2018 by Mike Cagney, former CEO of SoFi, Figure describes itself as the largest non-bank provider of home equity loans in the U.S. The company operates a blockchain-powered lending platform and crypto exchange, and is the creator of the Provenance Blockchain, designed to tokenize traditionally illiquid assets like loans and securities.

To date, Figure and its partners have originated over $16 billion in home equity and related products. The firm also offers services like Figure Connect (a consumer credit marketplace) and Democratized Prime (an on-chain lending protocol), along with DART, its digital asset registry system.

Financial Performance

According to its SEC filing:

• H1 2025 revenue: $43.8 million (vs. $12.5M in H1 2024)
• H1 2025 net income: $29.1 million (vs. a net loss of $15.6M YoY)

This marks a significant turnaround and reflects growing demand for blockchain-based financial services.

Funding History

Figure has raised capital across multiple rounds:

• $103 million Series C in December 2019 (valuation: $1.2 billion)
• $200 million Series D in May 2021 (valuation: $3.2 billion)
• $200 million strategic investment from Sixth Street in February 2025