Gemini’s upcoming initial public offering (IPO), expected Friday, has reportedly been oversubscribed more than 20 times, as crypto and blockchain companies continue to attract investor attention.

According to Reuters on Thursday, citing people familiar with the matter, Gemini and its bankers stopped accepting new orders for shares on Thursday, ahead of the crypto exchange’s debut. The move, called “unusual” in an IPO, reportedly capped proceeds at $425 million.

Gemini had initially upped its raise to $433 million, with its prospective listing share price ranging between $24 and $26, from $17 to $19 floor price.

Among its investors is the technology stock exchange Nasdaq, which is reportedly purchasing $50 million in shares as part of a strategic partnership.

In another public listing, shares of Figure Technologies debuted on Nasdaq Thursday, with its shares jumping 24.4% in the first trading day.

Figure share price on debut. Source: Yahoo Finance

Figure, a blockchain-based marketplace for financial products, had revised its list price multiple times as demand grew for its IPO, with bids from investors raising the share price to $25 from $18. The offer ultimately raised $787.5 million.

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Other crypto IPOs in 2025

While Figure’s IPO was successful, it didn’t match investors’ hunger for stablecoin issuer Circle and cryptocurrency exchange Bullish. Circle had boosted its IPO to raise $1 billion and saw its stock increase 167% on the first day of trading. Bullish’s share price soared as high as 218% on the first trading day.

Crypto exchange-traded fund (ETF) issuer Bitwise previously predicted that 2025 would be the year of the crypto IPO. Candidates on its list to go public includes crypto exchange Kraken, crypto bank Anchorage Digital, and blockchain analytics company Chainalysis.

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