Companies Figure Technology Solutions and Gemini are making significant changes to their IPO plans, which may lead to increased raised funds.
Increase in Figure's IPO Target
Blockchain lending firm Figure Technology Solutions has increased its initial public offering price range to $20 to $22 per share, up from the previous $18 to $20. According to an SEC filing, Figure will issue 26.6 million Class A shares, with selling shareholders offering an additional 4.85 million shares. This brings the total offering to 31.5 million shares.
Intended Use of Proceeds
The primary offering could generate up to $585 million or up to $689 million if the overallotment is fully exercised. Funds will be used for expanding Figure's blockchain infrastructure, including its loan origination platform, Figure Connect, and scaling Dart, its on-chain lien and eNote registry. There are also plans to support its SEC-registered stablecoin YLDS, which is promoted as a compliant, yield-bearing alternative to traditional stablecoins. Part of the funds will also go toward debt repayment and ecosystem development.
Gemini Aiming for $3 Billion Valuation
Meanwhile, crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, has also raised its IPO price range to $24 to $26 per share, increasing its expected raise to $433 million from a previous $317 million. The exchange has secured confidence from Nasdaq, which agreed to purchase $50 million worth of stock in a private placement. Gemini's public debut is slated for Friday, with the firm targeting a valuation of over $3 billion.
Both IPOs demonstrate the growing interest in blockchain technologies and cryptocurrency markets, as well as companies’ ability to attract significant funds for further development.
