Quick Breakdown
- Figure ups IPO range, potentially raising to $796M, with $689M in primary proceeds if overallotment is exercised.
- Funds to fuel blockchain growth, including Figure Connect, Dart registry, and its SEC-registered stablecoin YLDS.
- Gemini boosts IPO pricing, eyeing $433M raise and $3B valuation, backed by Nasdaq’s $50M investment.
Blockchain lender Figure Technology Solutions has raised its IPO range, potentially lifting proceeds close to $800 million, while Gemini prepares for a $3B debut.
Figure Raises IPO Target
Blockchain-based lending firm Figure Technology Solutions has increased the size of its initial public offering, setting a new price range of $20 to $22 per share, higher than its earlier $18 to $20 range.
According to a filing on Tuesday, Figure will issue 26.6 million Class A shares, with selling shareholders offering an additional 4.85 million shares. This brings the total offering to 31.5 million shares.
If underwriters fully exercise their 4.7 million-share overallotment, the deal’s value could reach $796 million, though only the primary shares will provide direct proceeds to the company.
Use of Proceeds
The primary offering could generate up to $585 million, or $689 million if the overallotment is fully taken. Proceeds are earmarked for expanding Figure’s blockchain infrastructure, including its loan origination platform, Figure Connect, and scaling Dart, its onchain lien and eNote registry.
The firm also plans to bolster its SEC-registered stablecoin, YLDS, which it promotes as a compliant, yield-bearing alternative to traditional stablecoins. Additionally, part of the funds will go toward debt repayment and ecosystem development.
Financially, Figure reported $29 million in net income in the first half of 2025 and held $404 million in stockholders’ equity as of June 30, despite carrying an accumulated deficit of $292 million.
Gemini Eyes $3B Valuation Ahead of Debut
Meanwhile, crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, also raised its IPO price range to $24 to $26 per share, boosting its expected raise to $433 million from a previous $317 million. The offering size remains at 16.67 million shares.
The exchange has further secured a confidence boost from Nasdaq, which agreed to purchase $50 million worth of stock in a private placement. Gemini’s public debut is slated for Friday, with the firm targeting a valuation of over $3 billion.
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