To The Moon

🚀 Crypto IPO Fever: FIGR +30%, GEMI +14%! Bubble or Breakthrough?

The crypto world just reminded Wall Street — and Main Street — that hype is still alive. Forget Bitcoin for a moment. The real fireworks are coming from crypto IPOs, where fresh listings like Figure ($Figure Technology Solutions(FIGR)$  ) and Gemini $Gemini Space Station, Inc.(GEMI)$   are attracting both institutional money and retail FOMO.

FIGR surged +30% this week, cementing itself as one of the hottest listings of 2025.

GEMI gained +14% on debut, proving there’s still strong demand, even as the broader market battles volatility.

At a time when traditional IPOs often stumble, these crypto-linked names are defying gravity. The question for investors now: is this the start of a sustainable run — or déjà vu of the 2021 SPAC bubble?

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📊 Why Crypto IPOs Are the Market’s New Playground

Crypto IPOs tick two investor boxes:

1. Legitimacy of the stock market – investors can buy equity instead of tokens, avoiding custody risks or regulatory grey zones.

2. The thrill of digital assets – the narrative power of “crypto” still sparks excitement, even after multiple boom-bust cycles.

For FIGR, excitement comes from its focus on blockchain-based lending and tokenization of real-world assets — a segment many believe could unlock trillions. GEMI, meanwhile, brings the brand of a well-known exchange to the Nasdaq, offering investors a proxy for crypto trading volumes.

Together, they show that crypto equity demand is alive and well, even if Bitcoin itself is just consolidating.

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⚡ Red Flags: Is the Market Getting Ahead of Itself?

But here’s the caution: IPO rallies rarely stay smooth.

Valuation stress: At current levels, FIGR is being benchmarked against Coinbase ($COIN). But Coinbase has years of scale — can FIGR really demand premium multiples?

Regulatory clouds: GEMI faces the same compliance risks that have dogged exchanges since FTX. Even with Nasdaq partnerships, regulators will keep circling.

Momentum fatigue: A +30% week for FIGR is impressive. But GEMI’s +14% debut, while solid, may signal the market is already becoming choosier.

History says IPO manias often end in sharp pullbacks once the initial euphoria fades. The SPAC craze of 2021 is a fresh reminder.

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🔍 FIGR vs GEMI: Not the Same Story

It’s tempting to see FIGR and GEMI as two versions of the same crypto IPO hype. But their fundamentals are very different:

FIGR (Infrastructure play): Focuses on tokenization, blockchain lending, and partnerships with traditional finance. This angle appeals to institutions and investors betting on the “plumbing” of crypto adoption. Its narrative is about reshaping capital markets themselves.

GEMI (Exchange play): Relies on trading volumes. If crypto booms, GEMI benefits. But if regulation tightens or volumes dry up, margins will get squeezed fast. Its fate is more cyclical and tied directly to the next Bitcoin cycle.

That’s why some analysts are already calling FIGR the “smarter long-term bet”, while GEMI may be the more volatile momentum trade.

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🤔 Investor Psychology: Chasing FOMO vs Playing Smart

Crypto IPOs bring out two classic retail mindsets:

The FOMO trader: Buys into the hype, hoping to flip for quick gains. With FIGR +30% in a week, this strategy works — until it doesn’t.

The cautious investor: Watches IPOs as a sentiment barometer. If they rally hard, it signals optimism. If they flop, it warns of exhaustion in the crypto trade.

Right now, FIGR’s surge suggests bullish psychology is back — but GEMI’s smaller pop shows not all IPOs will fly equally high.

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💡 The Big Picture: Why This Matters Beyond Crypto

These IPOs aren’t just about FIGR or GEMI. They’re about whether the market is willing to back new players in a still-volatile sector.

For Wall Street: Success here could encourage more crypto-linked listings in 2025, from exchanges to mining firms.

For retail investors: IPOs offer a regulated alternative to betting directly on tokens, which can attract new money.

For the crypto ecosystem: Strong IPO debuts prove that capital markets still believe in blockchain’s future, even after scandals like FTX.

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🔎 What Investors Should Watch

If you’re looking at FIGR or GEMI, here are three key filters:

1. Lock-up expiries: When early investors sell, stocks often correct. Timing matters.

2. Earnings delivery: IPO hype fades fast if fundamentals don’t match. Watch quarterly reports.

3. Macro backdrop: Crypto is sensitive to Fed policy. If rates fall in September, FIGR and GEMI could get another tailwind.

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❓ Key Discussion Points for Tigers

1. Did you manage to secure allocation in Tiger’s IPO subscription, or buy in the open market?

2. Which do you prefer — FIGR’s +30% infrastructure play or GEMI’s +14% exchange story?

3. Do you think this is just the early innings of a new crypto equity wave, or déjà vu of the SPAC bubble?

4. Would you rather buy into new IPOs, or stick with established crypto plays like Coinbase, Marathon, or even direct Bitcoin exposure?

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