Tokenization on Wall Street is accelerating: Gemini’s Nasdaq debut valued the exchange at about $4.4 billion and Figure’s IPO priced the lender near $5.3 billion, signaling growing institutional demand for tokenized securities and blockchain-based market infrastructure as regulators and exchanges weigh new trading frameworks.
Gemini IPO: $4.4B Nasdaq debut, GEMI ticker; shares rose ~22.6%
Figure IPO: FIGR ticker, launched at $25 and traded ~33% higher, valuing the company at roughly $5.3B
Tokenization momentum: BlackRock, Nasdaq, and major market participants have publicly discussed tokenized ETFs and tokenized securities
Tokenization heats up: Gemini and Figure IPOs show Wall Street interest in tokenized assets—read valuation details, regulatory context, and key takeaways.
What is tokenization on Wall Street?
Tokenization is the process of creating blockchain-based representations of real-world assets—stocks, ETFs, or debt—that can be traded or settled on distributed ledgers. Tokenization aims to deliver increased settlement speed, greater transparency, and new market structures while requiring regulatory and infrastructure adaptation.
How did Gemini’s IPO perform and what matters?
Gemini debuted on Nasdaq under the GEMI ticker with an implied valuation near $4.4 billion. Shares traded around $34 at the time of reporting, about a 22.6% gain from the opening price, and the company raised approximately $425 million in the offering per regulatory filings.
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The listing follows earlier regulatory disputes involving the exchange and the U.S. commodities regulator; Gemini previously paid a $5 million settlement to resolve litigation with the regulator before contesting parts of the agency’s conduct in subsequent filings.
How did Figure’s IPO perform and why it’s relevant?
Figure began trading on Nasdaq under the FIGR ticker, achieving an initial valuation near $5.3 billion. Shares closed roughly 33% above the $25 IPO price, demonstrating investor appetite for firms bridging blockchain with capital markets.
Figure’s leadership framed the IPO as evidence that blockchain can bring “speed, transparency, efficiency” to capital markets and to the tokenization of real-world assets, positioning the firm as an infrastructure provider for tokenized securities.
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These public debuts provide market proof points for the commercial viability of tokenization infrastructure. Large valuations for both Gemini and Figure suggest investors expect blockchain-native services to play a material role in custody, issuance, and secondary trading of tokenized assets.
Major asset managers and exchanges have publicly discussed tokenized ETFs and tokenized securities, indicating potential scale if regulatory frameworks and issuer opt-ins align.
Gemini listed on Nasdaq as GEMI with an implied valuation near $4.4 billion and raised roughly $425 million in the offering. Figure listed as FIGR with a valuation around $5.3 billion and initial trading above its $25 IPO price.
Exchanges have expressed interest in enabling tokenized trading, but listings will depend on issuer opt-ins, regulatory approvals, and technical integration with existing market infrastructure.
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