The cryptocurrency firms are experiencing a surge in initial public offerings! Gemini and Figure are vying to launch their IPOs; who is poised to become the next Circle?

Kai $Circle(CRCL.US)$ 、 $Bullish(BLSH.US)$ Successful IPO, Cryptos ExchangeExchange $Gemini Space Station(GEMI.US)$ , “Coin Circle Lending Company” $Figure Technology Solutions(FIGR.US)$ I plan to slash IPOs in the US, adding to the hype of crypto-related companies.

Reflecting on the concept of Cryptos that went on the market this year, the IPO was up by an average of 10 percent, allowing Wall Street to see the decline of the currency cycle once again. This does not prevent investors from waiting for this time, so that the two companies can become the next Circle.

In connection with this issue, Gemini plans to issue 16.6667 million shares, valued at approximately $2.22 billion. In connection with this issue, Gemini and the Selling Shareholder Plan will grant the Contractor a 30-day option to purchase up to 2.3963 million shares and 10.37 million shares of common stock for overallotment. The initial IPO price for this IPO is expected to be between $17-$19 per share, with a market close on September 12.

Figure plans to issue 26.3 million shares of Class A common stock valued at approximately $3.92 billion. The initial public offering price for this initial public offering is expected to be between $18 and $20 per share and is expected to go live on September 11.

Looking at this, I'm sure a lot of fellow investors have made a good impression: What's going on with these two companies? How is the power? Below we come to a secret.

Gemini: Cryptocurrency Exchange Third Shares

$Gemini Space Station(GEMI.US)$ Successfully listed, it will become the third Cryptocurrency Exchange, following Coinbase and Bullish.

Gemini was founded in 2014 and founded in 2014 by billionaire twin brothers Taylor Vancleworth and Cameron Vancleworth, the twin brothers themselves are legendary figures in the coin ring.

The duo founded the social networking site Connectu in 2002, and invited Zuckerberg to join the team in 2003. However, Zuckerberg founded Facebook from a job in 2004, after which two people sued to create it. The two sides finally settled in 2008, and the Vancouver Cleves Company was awarded a cash plus Stocks settlement worth US$65 million.

When Facebook is listed, the value of these Assets is skyrocketing. We invested all of this coin in Bitcoin, which today holds more than 0.07 million Bitcoins and is currently valued at around $8 billion at the current market price.

The important thing is that the connection between the two Trunp and Trunp is closely related. Previously, we donated a large amount of Bitcoin to support the Prong contestants. In the same way, Transper said, we are not only asking us to adopt the standard of the Stabilization of Currency Act, but rather to align Gemini with the goods on the ground. This kind of political backstory is not lost on real people.

Returning to the company's identity, Gemini was founded on another key strategic priority: Exchange for Cryptocurrencies to become the most compliant.

In the context of the industry's early lack of regulatory oversight and growing growth, the strategy of this kind of harmonization has taken off. Companies actively seek the supervision of national regulatory Institutions to put compliance ahead of the pace of development.

In 2015, Gemini went on a key milestone to become the first cryptocurrency exchange to receive a New York City Department of Financial Services certificate. Not only does this high-volume license allow Cryptos Trading Trade and Conducting and Steering Business to operate legally in New York, it is also a powerful license to provide a realistic credit base and compliance benefits.

At the Business Level, Gemini has built an inclusive ecosystem of Remote Super-One Exchanges. Plateau supports over 70 Cryptos, has a global user base of over 13 million, Business covers more than 60 countries, Assets under management are valued at $50 billion, and historical Trade is as high as $285 billion.

Other product lines include a full ecosystem, not only offering Spot Trade, expanding into Quality Trade, OTC, PTO, Credit Card Futures, etc., and issuing a USD 1:1 stablision currency with USD 1:1.

However, its stablecoin GUSD faces huge challenges in the market, with almost negligible market share compared to giants such as USDT, USDC.

The company's core revenue model is based on traditional transaction overheads, up from 69.7% of total revenue to US$0.1422 billion for the year ended December 31, 2024, and adjusted EBITDA to a loss of US$13.2 million. For the six months ended June 30, 2025, Trade revenue accounted for 65.5% of total revenue, total revenue of US$68.61 million, and a loss of US$0.2825 billion, and adjusted EBITDA to a loss of US$0.1135 billion.

As can be seen from the financial situation, Gemini's losses are greater. In the face of falling revenues and widening losses, Gemini suggests that it will further optimize its business structure and develop non-Trade related revenue sources.

Taken as a whole, Gemini's listing is not just a milestone in the company's self-development, it is seen as evidence of the crypto industry's further integration with the mainstream US financial system.

However, Gemini is not able to see the same situation as in the past. This time, IPOs can move forward, and the market's appreciation for other valuations, will be an important trend sign for the Crypto Industry to continue its market heat.

Figure：RWA First Share

$Figure Technology Solutions(FIGR.US)$ A core blockchain lending company, the company was founded in 2018 by Mike Cagney, founder of Taipei's SoFi, online lending. This background is based on Figure's deep foundation in the CNI Xiangmi Lake Fintech Index.

Figure's core business is to develop blockchain technology to advance the lending business. Initially specialising in the Home Equity Loan Rate (HELOC) product, the company's current business range has expanded into areas such as Cryptos Mortgage Loan and Digital Assets Exchange.

From a business model perspective, Figure's operating model overlooks that of traditional Lending Institutions, which are essentially a first-of-its-kind SaaS+ blockchain-driven financial technology company.

The Company develops high-demand financial assets (mainly HELOCs) through its self-financing business (Figure Branded and its extensive network of partner partners). It will monetize such assets in other self-developed Provenance Blockchain and lend to Figure Connect Capital Markets are flat, driving the sale and financing of exchange-traded Assets. This closed-loop process forms a powerful flywheel of performance, covering Asset Development, Mobility Creation, and Multi-Cost Living, and Involving Multiple Environments.

In summary, Figure contributed $5.1 billion in HELOCs in 2024, up 51% in 2023, with loan losses remaining at 1% or less. The company uses OpenAI's technology to help evaluate loan applications, using Gemini-powered Scam Robotics. Since the launch of the product in 2018, loan originations have exceeded USD 16 billion by 30 June 2025.

The prospectus shows that Figure's finances are struggling. In the first half of this year, the company's operating income was US$0.19 billion, year-on-year was US$0.156 billion; Net income was US$29.122 million, and a year-on-year loss of US$15.601 million. In 2024, the company achieved Net income of USD 17.214 million, compared to a loss of USD 47.935 million a year earlier.

As a whole, Figure's core revenue driver is the Development of Housing Value Loans (HELOC), which has seen strong growth momentum in recent years. Other main sources of growth are two major market trends: one is the increase in property values due to the rise in house prices, and the second, in the current higher interest rate environment, large homeowners do not release their existing low mortgage loans and choose to obtain money through HELOCs, which provides Figure with the need for a market that continues to decline Requesting.

The founder of Cagney, whose company has not been able to achieve so far in the field of mortgage lending, is looking forward to the prospect of creating an all-round integrated brokerage business (Prime Brokerage). The Joint Stock Company provides Stocks Loans and Other Services to Investors in Large Institutions. In other words, the Figure program allows users to borrow Cryptos and Stocks on a company's block chain, which includes Figure's own shares. At the same time, the company has stepped into the business frontiers, starting to offer loan services backed by Cryptos to private credit companies, in addition to other financial ecosystems.

Figure's one of the hallmarks in this IPO is the gigantic, unbeatable size of other RWA private loan coins. The industry total is $29.58 billion, and Figure alone accounts for 11.6 billion, with a market share of 40%. This systematic approach allows Figure to become more than just a company name, but a symbol that defines the Industry.

Overall, Figure's core strengths can be summarized in the following four points:

— Leading market position and leading edge: Figure is the absolute leader in the RWA field of on-chain private credit, with over 40% of the market share in terms of active lending volume.

End-to-end proprietary technology infrastructure: The company builds autonomous technology systems that cover the entire business process, including the Provenance Zone Blockchain, Digital Assets Registration Technology (DART, and the Figure Connect platform) to form the foundation for high technology and continuous innovation.

Mature Asset Scaling Capabilities: As the fourth largest HELOC lending institution in the United States, Figure is expected to issue over $16 billion in loans, building a collaborative network of over 160 institutions to showcase high-performance asset development and management capabilities.

— Star founders and their success experiences: Founder Mike Cagney successfully founded SOFI, whose business model is still respected by the industry to this day. He excels at capturing and exploiting structural opportunities in large-scale financial markets to provide continuous forward thinking and execution to Figure's strategic layout.

However, companies also face risks and challenges in the following areas:

• Strong market volatility sensitivity in Business Highs: The depth of corporate business is high in the US Real Estate and HELOC markets. The market is exposed to high systemic risks due to changes in profit rates and the expected economic environment.

• Co-ordinator risks in governance group: The use of a dual-shareholding structure, with founder Mike Cagney holding approximately 90% of the voting rights and controlling interest in a high-controlling stake, may raise corporate governance issues that are not mutually beneficial to public shareholders. Beyond that, SoFi's history of managing cultural controversies and sexual harassment controls away from work is a risk of sounding the company down the road.

Taken together, the Figure Diploma owes its advantages to other technical expertise and market positioning, but remains uncertain at the Business Expansion, Governance Structure and Policy levels, without developing an effective balance between the business environment and internal policies.

Market watchers recognize that this move to hit the IPO is not only seen as a powerful validation of the success of Figure's proprietary business model, according to RWA (The Real World Assets Race is moving from the Concept to Reality, a major challenge to the multi-billion market has already begun.