Cryptocurrency exchange Gemini and blockchain lender Figure have each announced plans to hold initial public offerings (IPOs).
The two companies are the latest crypto concerns to go public as investors embrace digital assets and send the prices of Bitcoin (BTC) and Ethereum (ETH) to all-time highs.
Cryptocurrency exchange Gemini was founded by twin brothers Cameron and Tyler Winklevoss, who famously claimed that Mark Zuckerberg stole their idea for Facebook while they were classmates at Harvard University.
In its last round of private financing, Gemini was valued at $7.1 billion U.S. The company is expected to raise about $400 million U.S. from its stock sale.
Gemini plans to list on the Nasdaq exchange under the ticker symbol “GEMI.” An exact date for the IPO hasn’t been announced.
Figure is a blockchain-powered lender founded by SoFi Technologies (SOFI) co-founder Mike Cagney. It plans to list shares on the Nasdaq under the ticker symbol “FIGR.”
This is Figure's second time trying to go public. In 2021, it tried to list shares through a special purpose acquisition company (SPAC) but the deal ended up falling apart.
Figure is trying again now that there is a friendlier regulatory environment in Washington, D.C. and with the stock market at an all-time high.
Cryptocurrency companies are rushing to go public following the successful recent IPOs of stablecoin issuer Circle (CRCL) and crypto exchange Bullish (BLSH).
CRCL stock has risen 32% since its IPO to trade at $141.58 U.S. per share.
