To The Moon

$Figure Technology Solutions(FIGR)$

A Red-Hot Week for Crypto-Linked Listings

This week marked another milestone for the cryptocurrency sector as two highly anticipated IPOs — Figure Technology (FIGR) and Gemini (GEMI) — made their way to the public markets. The results were impressive: FIGR soared 30% during its first week of trading, while GEMI closed up 14% after its Friday debut.

These performances sent a strong signal: investors, both institutional and retail, are still hungry for crypto exposure. Despite ongoing regulatory challenges and volatility in digital asset prices, companies tied to blockchain and cryptocurrencies are finding no shortage of buyers when they go public.

Why the “Crypto Premium” Is Still Alive

In traditional equity markets, the IPO process has historically favored companies with strong fundamentals, proven business models, and clear growth prospects. Yet when it comes to crypto-linked businesses, a unique phenomenon has emerged: the “crypto premium.”

This refers to the extra demand and valuation lift companies receive simply for being associated with digital assets. Much like the dot-com bubble of the late 1990s, the “crypto” label has become enough to ignite enthusiasm among traders and funds.

The logic is straightforward: investors see crypto as one of the fastest-growing disruptive sectors in finance and technology. Even if short-term profitability is uncertain, the long-term potential for blockchain adoption is enormous. This forward-looking optimism creates a willingness to pay up for exposure, especially during the high-profile excitement of an IPO.

FIGR: The Standout Winner

Among the week’s IPOs, Figure Technology (FIGR) stood out as the bigger gainer, delivering a 30% rally.

Figure positions itself as more than just a fintech company. Its focus is on leveraging blockchain technology to reimagine capital markets, digital lending, and securitization. By using blockchain rails to streamline processes traditionally bogged down by intermediaries, Figure claims it can offer faster, cheaper, and more transparent financial services.

Investors appear to be buying into this vision. The appetite for FIGR stock suggests that markets are rewarding “utility-driven crypto” — companies applying blockchain technology to solve real-world financial challenges — not just trading platforms or speculative plays.

GEMI: A Landmark Exchange Listing

While FIGR grabbed headlines with its higher percentage gain, Gemini (GEMI) may represent the more symbolically important listing.

Founded by the Winklevoss twins, Gemini is already a household name in the crypto industry. The company’s move to list publicly marks a turning point for digital asset exchanges, signaling that established players are ready to step into the scrutiny of public markets.

GEMI’s 14% rise may not match FIGR’s explosive rally, but the listing cements Gemini as a serious contender to Coinbase (COIN) and other publicly traded exchanges. For investors seeking stability and brand recognition, GEMI represents a relatively “safer” crypto IPO play. Its growth trajectory will likely mirror broader crypto trading volumes, which are heavily influenced by Bitcoin and Ethereum price cycles.

IPO Allocations: The Investor’s Dilemma

One of the recurring questions during hot IPO weeks is: who actually got in at the offering price?

Retail investors often find themselves shut out of allocations, relying on platforms like Tiger’s IPO subscription service. Those who secured early allocations in FIGR or GEMI are likely sitting on solid gains already. But for the majority, the decision now becomes whether to chase these names in the open market or wait for a possible post-IPO correction.

History offers some lessons here. Many high-profile IPOs — from Coinbase to Robinhood — saw euphoric first-day trading, only to correct sharply in subsequent months as hype faded. Crypto IPOs, in particular, are tied to sentiment cycles in digital assets. If Bitcoin rallies, IPO stocks benefit. If crypto enters a downturn, these stocks often see amplified downside.

FIGR vs. GEMI: Different Growth Stories

Although both IPOs are tied to crypto, their investment cases differ substantially:

• FIGR (30% gain) is an infrastructure and utility play. Its success depends on adoption of blockchain in mainstream finance. If institutions adopt its technology for lending, securitization, or tokenized assets, FIGR could scale rapidly. But this is still an emerging market, with execution risks.

• GEMI (14% gain) is a brand-backed exchange. Its revenues come largely from trading fees, staking, and custody services. While growth will likely be steadier than FIGR’s, GEMI’s fate is tied to crypto trading cycles. When volumes surge, profits soar; when volumes dry up, revenues contract.

In other words: FIGR offers higher upside, higher risk, while GEMI offers stability and credibility.

Investor Psychology: Why Crypto IPOs Are Hot

The investor psychology behind these IPOs is fascinating. Three main factors seem to be at play:

1. Fear of Missing Out (FOMO): Many investors remember missing out on Coinbase’s 2021 IPO or even Tesla and Nvidia’s early runs. Buying into FIGR or GEMI feels like “catching the next big thing” at the ground floor.

2. Speculation Over Fundamentals: Unlike traditional IPOs, where metrics like P/E ratios and free cash flow dominate, crypto IPOs are often judged on potential market share and network effects. Investors are betting on future disruption, not present earnings.

3. Hedge Against Traditional Finance: Some investors see crypto IPOs as a hedge against traditional financial institutions, especially in a world where blockchain adoption seems inevitable.

Risks Lurking Beneath the Hype

Despite the excitement, investors should not ignore the risks:

• Regulation: Both FIGR and GEMI operate in sectors where regulatory frameworks remain uncertain. Any new restrictions could sharply impact their business models.

• Volatility: Crypto-linked stocks are notorious for high beta — moving up and down more violently than the broader market.

• Valuation Concerns: With IPO enthusiasm pushing prices higher, questions remain about whether these companies can justify their valuations if revenue growth slows.

For investors, the key is to separate hype from fundamentals. Not every crypto IPO will be a long-term winner.

The Bigger Picture: Crypto IPO Wave Just Starting

The success of FIGR and GEMI suggests that more crypto-linked firms may be encouraged to go public. Whether it’s exchanges, blockchain infrastructure companies, or tokenization platforms, the IPO pipeline could be strong in 2026 and beyond.

This also raises an intriguing possibility: will crypto IPOs eventually saturate the market, or will they become a permanent fixture of Wall Street’s growth sector?

Much like the internet sector after the dot-com boom, the survivors of this IPO wave could one day be the next Amazon, Google, or Meta of blockchain.

Final Takeaway: Are You Bullish?

This week made one thing clear: crypto IPOs are back in the spotlight.

• Figure Technology (FIGR): +30%, the standout winner for high-growth investors.

• Gemini (GEMI): +14%, the more stable and brand-backed exchange play.

If you managed to secure an IPO allocation through Tiger or another platform, congratulations — you’re already sitting on gains. If not, the decision is tougher: chase the momentum now, or wait for a possible pullback?

Either way, the market has spoken: as long as companies carry the “crypto” label, both Wall Street institutions and Main Street investors are buying in.

The only question is — how bullish are you on the next wave of crypto IPOs?