Company Developments - Figure Technology Solutions Inc. has filed for an initial public offering (IPO) on Nasdaq, marking its entry into the public market [1] - Gemini has disclosed a $75 million credit deal with Ripple, highlighting connections within the cryptocurrency sector [1] - Gemini's IPO registration with the U.S. SEC confirms plans to list on Nasdaq under the ticker "GEMI" [3] - The company reported a net loss of $282.5 million in H1 2025, following a $158.5 million loss in 2024, despite a 45% revenue increase to $142.2 million [2] - As of mid-2025, Gemini had 523,000 monthly active users and processed $24.8 billion in trading volume [2] Market Trends - A wave of crypto firms is preparing for IPOs, driven by growing institutional interest and a favorable regulatory climate in the U.S. [6] - Companies like Kraken, Bullish, and TRON are among those aiming to go public this year, following Circle's recent debut on the NYSE [6] - The cryptocurrency market is experiencing a recovery, with secondary market estimates placing Gemini's valuation at $10–$10.05 billion, up from $7 billion in 2022 [3] Funding and Valuation - Gemini has raised over $725 million across six funding rounds from notable investors including SoftBank and BlackRock [4] - Figure Technology Solutions reported a net income of $29.1 million on $190.6 million revenue in H1 2025, compared to a loss of $15.6 million on $156 million revenue a year earlier [7] - FalconX was valued at $8 billion during its last fundraising effort in 2022, when it raised $150 million [13] Regulatory Environment - The improved regulatory conditions in the U.S. are encouraging crypto firms to pursue public listings [5] - OKX is exploring a U.S. IPO after reentering the market following a $505 million settlement with the DOJ over anti-money laundering violations [10][11] - Ripple's leadership has confirmed that an IPO is not currently on the agenda, citing a strong financial position with significant cash reserves [29][30]