Lead: Crypto IPOs are back in the spotlight as Gemini and Figure hit public markets with strong debuts while regulatory frictions keep headlines buzzing. BlockAI reports that Gemini’s Nasdaq float and Figure’s market debut show investor appetite for blockchain firms, even as deleted Gary Gensler texts at the SEC raise transparency questions. These Crypto IPOs highlight a wider trend of institutional interest, tokenized assets innovation, and corporate treasuries like GameStop and Metaplanet increasing Bitcoin exposure.
Gemini and crypto IPOs
Gemini’s Nasdaq listing priced the company near a $4.4 billion valuation and rallied on debut. That strong start proves Crypto IPOs can attract broad capital despite regulatory noise. Investors cited Gemini’s role in custody and exchange services as a key reason to back a public crypto-native firm.
Figure and market excitement
Figure’s IPO also landed with notable gains, valuing the company around $5.3 billion on its first day. The Figure debut underscores how tokenization and mortgage-backed blockchain products add new institutional use cases. Figure’s success fed the narrative that well-positioned entrants can make Crypto IPOs matter to traditional markets.
Gensler texts and SEC
The controversy around deleted Gary Gensler text messages at the SEC has added friction to the public-market path for crypto companies. Lawsuits and FOIA requests from Coinbase and others argue the missing messages undermine investor confidence. That transparency debate now sits alongside every discussion of Crypto IPOs in boardrooms and regulatory filings.
Nasdaq listings react
Nasdaq’s handling of recent listings showed robust demand for crypto-related shares. Market response to Gemini and Figure proved exchanges remain willing to list digital-asset firms. The Nasdaq debut performance matters because it signals whether future Crypto IPOs will see similar enthusiasm.
Coinbase and regulatory push
Coinbase continues to press for clearer SEC rules even as it watches Crypto IPOs unfold. The exchange’s litigation and commentary shape public expectations of how securities law will apply to tokens and platforms. Coinbase’s public stance means its arguments will influence the timing and structure of future Crypto IPOs.
GameStop, Metaplanet, Bitcoin
Corporate treasuries are another reason investors watch Crypto IPOs closely. GameStop’s Bitcoin holdings appreciated and Metaplanet’s plans to raise funds for more Bitcoin show nontraditional firms are using crypto as a strategic asset. Those moves make Crypto IPOs part of a broader institutional adoption storyline.
Tokenized assets upside
Tokenized assets play a growing role in the Crypto IPOs story. From tokenized mortgages to on-chain ETFs, these products help bridge capital markets and blockchains. Firms focused on tokenization were central to the recent IPOs and will likely lead the next wave of Crypto IPOs candidates.
How to watch crypto IPOs
Watch for SEC guidance, Nasdaq listing rules, and secondary-market demand when evaluating new offers. Regulatory clarity from the SEC and visible corporate treasuries like GameStop and Metaplanet will drive investor interest. Track how Coinbase, Gemini, and Figure evolve post-listing to judge whether Crypto IPOs can sustain momentum.
Additional context and outlook
The near-term outlook for Crypto IPOs depends on judges, regulators, and market appetite. Deleted Gensler texts have prompted calls for transparency, but investor demand for tokenized assets and Bitcoin exposure remains strong. If enforcement becomes predictable and exchanges keep listing innovation-friendly issuers, expect more Crypto IPOs to follow.
Frequently asked questions about crypto IPOs (FAQ)
What makes a company likely to pursue Crypto IPOs?
Firms with scalable custody, tokenization products, or digital infrastructure—like Gemini and Figure—are the most likely candidates.
How do SEC actions affect Crypto IPOs?
SEC enforcement and guidance shape listing approvals, disclosure requirements, and investor confidence. Deleted Gary Gensler texts have intensified scrutiny.
Will Nasdaq keep listing crypto firms?
Yes, Nasdaq has shown willingness to list crypto-related companies, provided firms meet exchange and disclosure standards.
Do corporate Bitcoin holdings influence Crypto IPOs?
Corporate treasuries that hold Bitcoin, such as GameStop and Metaplanet, bolster market demand by normalizing crypto assets and signaling institutional adoption.
Sources to this article
DefiDonkey (2025) ‘Gemini IPO raises $425 million as shares jump 32%’, DefiDonkey. Available at: https://defidonkey.com/en/crypto-business/gemini-ipo-raises-425m-shares-jump-32/ (Accessed: 12 September 2025).
DefiDonkey (2025) ‘Figure Technologies IPO jumps 24% as tokenized mortgages win investors’, DefiDonkey. Available at: https://defidonkey.com/en/crypto-markets/figure-technologies-ipo-jumps-24-tokenized-mortgages/ (Accessed: 12 September 2025).
DefiDonkey (2025) ‘Destruction of Gary Gensler’s text messages fuels Coinbase lawsuit and FOIA fight’, DefiDonkey. Available at: https://defidonkey.com/en/crypto-regulation/destruction-gary-gensler-texts-coinbase-lawsuit-foia/ (Accessed: 12 September 2025).
