Web3 IPO Boom: Gemini IPO 20x Oversubscribed, Figure Debuts With 24% Surge
The Web3 IPO wave is showing no signs of slowing down. Gemini’s initial public offering (IPO), expected to launch Friday, has been oversubscribed more than 20 times, highlighting the surging investor appetite for crypto and blockchain-linked public offerings.
Gemini IPO Capped at $425 Million Despite Huge Demand
According to a Reuters report on Thursday, Gemini and its banking partners stopped accepting new share orders a day before its debut — an unusual move in an IPO process. Despite overwhelming demand, the firm capped its proceeds at $425 million.
Gemini had initially raised its target from $17–$19 per share to $24–$26, with Nasdaq itself reportedly investing $50 million in Gemini stock as part of a strategic partnership.
This oversubscription marks Gemini’s IPO as one of the most in-demand listings in the 2025 Web3 market cycle.
Figure IPO Pops 24% on Nasdaq Debut
Meanwhile, Figure Technologies, a blockchain-based marketplace for financial products, made its Nasdaq debut on Thursday. Shares surged 24.4% on the first day of trading, closing at $25 after revising its IPO price upwards multiple times.
The IPO raised $787.5 million, reflecting strong demand but still short of the explosive listings seen from other crypto giants.
Circle and Bullish Set the Bar Higher
The Web3 IPO frenzy in 2025 has already seen some massive debuts. Stablecoin issuer Circle raised $1 billion and its stock skyrocketed 167% on its first day. Meanwhile, crypto exchange Bullish saw its shares soar as much as 218% on launch.
Industry analysts point to these successes as validation that crypto IPOs are now mainstream investment opportunities, attracting both institutional and retail investors.
More Crypto IPOs Ahead in 2025
ETF issuer Bitwise had previously predicted that 2025 would be the “year of crypto IPOs,” and so far, the forecast is proving accurate. Other major players expected to go public include:
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Kraken (crypto exchange)
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Anchorage Digital (crypto bank)
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Chainalysis (blockchain analytics firm)
With investor demand far outpacing supply, the Web3 IPO boom looks set to continue driving capital markets throughout the year.
