Web3 IPOs remain hot with Gemini’s '20X oversubscribed,' Figure debut jumping 24%
News Summary
Gemini’s upcoming initial public offering (IPO) has reportedly been oversubscribed more than 20 times, leading to the crypto exchange ceasing new order acceptance ahead of its debut and capping proceeds at $425 million. Nasdaq is reportedly purchasing $50 million in shares as a strategic partner. Separately, Figure Technologies, a blockchain-based marketplace for financial products, saw its shares jump 24.4% on its Nasdaq debut, ultimately raising $787.5 million through its IPO. Other crypto IPOs in 2025, such as stablecoin issuer Circle and cryptocurrency exchange Bullish, also performed strongly, with their shares soaring 167% and 218% respectively on their first trading days. Crypto ETF issuer Bitwise had previously predicted 2025 to be the year of crypto IPOs, with Kraken, Anchorage Digital, and Chainalysis identified as potential candidates for public listings.
Background
In 2025, the cryptocurrency and Web3 sectors are experiencing a significant surge in initial public offerings (IPOs). This trend, predicted by industry players like Bitwise, is evidenced by the successful public listings of several blockchain and crypto companies and their strong stock performance on debut. Investor interest in digital assets and decentralized technology continues to escalate, driving oversubscriptions and share price jumps for these IPOs. Against this backdrop, companies such as Gemini and Figure Technologies have not only attracted substantial retail and institutional investment but also garnered strategic backing from traditional financial institutions like Nasdaq, signaling increasing mainstream financial market acceptance and commitment to the Web3 space.
In-Depth AI Insights
What do the sustained hot Web3 IPOs truly reflect in the current market environment, and what is their significance for institutional investors? The success of these IPOs transcends simple "bull market chasing" logic. It reveals: - Structural Influx of Deep Institutional Capital: The participation of traditional financial giants like Nasdaq is not short-term speculation but an acknowledgment of the long-term strategic value of Web3 infrastructure and technology. This indicates that institutional capital is shifting from observation to deep strategic positioning, seeking a first-mover advantage in the new paradigm of the digital economy. - Enhanced Expectation of Regulatory Clarity: Despite the Trump administration potentially adopting an "America First" protectionist stance on crypto regulation, the positive market reaction suggests investors may anticipate a gradual clarification of regulatory frameworks, at least in certain areas (e.g., compliant exchanges and financial products), thereby reducing uncertainty risks. - Re-evaluation of Underlying Technological Value: Beyond the mere concept of "cryptocurrency," the market is increasingly valuing the potential of Web3 technologies (e.g., blockchain-driven financial markets, digital asset management infrastructure) in improving efficiency, reducing costs, and creating new business models. This means the investment logic is shifting from asset price speculation to valuing technological applications and ecosystem development. What are the deeper motivations and long-term implications behind strategic collaborations between traditional financial institutions and Web3 companies, such as Nasdaq's investment in Gemini? Such collaborations are not mere financial investments but herald the convergence and reshaping of financial infrastructure: - Integration of Technology and User Base: Traditional exchanges like Nasdaq, through investments, gain not only insights into emerging Web3 technologies but also access to a new generation of crypto-native users. This helps them prepare for future digital asset trading paradigms while maintaining their current market dominance. - Risk Hedging and Innovation Drive: Traditional finance faces "disruptive" risks from Web3. Through strategic investments and partnerships, they can internalize some of these risks and leverage Web3's innovative capabilities to upgrade their own products and services, for example, by exploring tokenized securities or smart contract-driven settlement systems. - Regulatory Influence and Industry Standard Setting: The involvement of traditional giants may also, to some extent, influence the regulatory direction and standard-setting for the Web3 industry, aligning it more with the requirements of the existing financial system, thereby accelerating Web3's compliance and mainstreaming process. Given the high first-day stock performance of these Web3 IPOs, what are the main potential risks and opportunities for retail investors looking to participate? How might the Trump administration's regulatory stance impact this? While pursuing high returns, retail investors must be wary of potential risks and pay attention to the macro environment: - High Volatility and Valuation Bubbles: First-day stock price surges often come with high valuation bubbles and the risk of short-term corrections. Retail investors should be cautious of "FOMO" (fear of missing out) and conduct thorough due diligence rather than blindly chasing highs. Web3 companies are often in early developmental stages, and their profitability models and sustainability still require time to prove. - Lingering Regulatory Uncertainty: Despite market optimism, the Trump administration's stance on digital asset regulation could still be complex. On one hand, it might support innovation to maintain U.S. leadership in technology; on the other, its conservative leanings could lead to stricter restrictions on consumer protection, anti-money laundering, or systemic risks. Any unfavorable policy shift could quickly impact crypto asset valuations. - Long-Term Opportunities and Industry Maturity: For patient, long-term investors, selecting Web3 infrastructure providers with strong technology, clear business models, and good governance may still yield outsized returns. The key, however, is to identify companies with genuine core competencies rather than those relying solely on market sentiment.