Two cryptocurrency-focused companies, Figure Technology and Gemini Space Station, delivered impressive market debuts last week, highlighting how digital asset firms are driving a sharp rebound in the U.S. initial public offering (IPO) market after months of sluggish activity.

Crypto Companies Lead IPO Revival as Figure and Gemini Debut Strong

Figure Technology (NASDAQ: FIGR) closed its first trading day Thursday with shares up 44% from its $25 offering price, giving the blockchain-based home equity lender a market value of $7.6 billion. The New York company opened at $36 per share after raising $787.5 million in an upsized offering that priced above expectations.

At a key moment, the stock price rose as high as $38 before closing the day at $31.11. On Friday, the session ended with a gain at $32.50.

A day later, Gemini Space Station (NYSE: GEMI) shares jumped 32% in their Nasdaq debut, valuing the cryptocurrency exchange at $4.4 billion. The company founded by billionaire twins Cameron and Tyler Winklevoss opened at $37.01, well above its $28 IPO price, after raising $425 million.

The strong performances cap the busiest week for U.S. IPOs since July 2021, as companies rush to capitalize on record-high equity markets and fading concerns about trade policy volatility that had stalled new issues earlier this year.

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Regulatory Climate Fuels Crypto Interest

Both companies benefited from improved regulatory conditions for digital assets under the Trump administration, which has taken a more favorable stance toward cryptocurrency businesses compared to previous oversight approaches.

"Gemini has chosen the perfect time to capitalize on the favorable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration," said Jacob Zuller, analyst at Third Bridge, quoted by Reuters.

Figure Co-Founder Mike Cagney, who previously built fintech lender SoFi Technologies, positioned his company differently from pure cryptocurrency plays that have struggled as digital asset mania cooled. "Blockchain never loses an opportunity to shoot itself in the foot," Cagney told Reuters, emphasizing that treasury strategies don't represent the technology's full potential.

Figure Focuses on Home Lending Infrastructure

Figure developed its own Provenance blockchain to handle home equity loan origination, verification and processing. The company facilitated $6 billion in home equity lending over the 12 months ending June 30, up 29% from the previous year.

Cagney said 10 of the top 20 mortgage companies now use Figure's technology for loan origination. "There are 20 or more large banks already using Provenance," added David Chao, general partner at early investor DCM Ventures.

The approach has helped Figure avoid the sharp stock price drops that hit companies focused primarily on holding digital assets as investment vehicles.

Winklevoss Twins Stage Comeback

Gemini's successful debut represents a notable turnaround for the Winklevoss brothers, whose company had faced regulatory scrutiny from the SEC and CFTC in recent years. The twins now hold roughly 75 million shares worth approximately $2.78 billion based on the IPO price.

The exchange reported a net loss of $282.5 million in the first half of 2025, significantly higher than the $41.4 million loss in the same period last year. However, analysts expect trading volumes to increase as institutional adoption accelerates.

"We're really excited to go into this next phase, improve transparency even further, to the marketplace and to our partners," said Dan Chen, Gemini's chief financial officer.

Market Timing Proves Crucial

Both offerings were heavily oversubscribed, with Gemini's IPO receiving 20 times more demand than shares available. Nasdaq's $50 million investment in Gemini earlier this week likely boosted investor confidence in the exchange.

The debuts add to momentum from cryptocurrency exchange Bullish, whose shares more than doubled in their first trade last month. Swedish fintech Klarna also went public successfully Wednesday, suggesting broader appetite for financial technology companies.

Gemini joins Coinbase and Bullish as publicly traded cryptocurrency exchanges, while Robinhood also operates digital asset trading alongside its other financial services.