Between the two, Figure Technology Solutions (FIGR) delivered the larger day-one pop; Gemini (GEMI) also priced well and closed higher.
Scoreboard (this week)
FIGR (Figure Technology Solutions) — Priced at $25, raised about $787.5M, and closed its debut at $31.11 (+24%), after opening strength.
GEMI (Gemini) — Reported debut close around $32 vs $28 offer (+14%), after volatility and brief trading halts.
If you had equal IPO fills at offer price (illustration)
$1,000 in FIGR at $25 (→ $31.11) ≈ +$244; $1,000 in GEMI at $28 (→ $32) ≈ +$143. (Assumes full fills at offer; actual P&L depends on allocation size and any aftermarket trades.) Figures use reported offer/close prices above.
On Tiger’s IPO subscription
I can’t access your Tiger account, but note that hot deals often see small retail allotments; check your allocation details in-app under the IPO subscription page. Tiger has been actively marketing US/HK IPO access to retail investors.
Am I bullish on “crypto-label” IPOs?
Near term: Constructive. This has been the busiest US IPO week since late-2021, with strong interest crowding into crypto-adjacent names (Figure, Gemini) alongside broader tech listings—sentiment and scarcity are tailwinds.
Medium term: Selective. Expect wider dispersion: exchange businesses (GEMI) are cyclical and crypto-beta sensitive; fintech/infrastructure plays (FIGR) depend on execution and credit cycles. Watch fundamentals, lock-up timelines, and liquidity rather than the “crypto” label alone.
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