Simply put

• Gemini made its NASDAQ debut with a valuation of $4.4 billion, rising by 22.6% amid a regulatory situation involving a CFTC nomination.
• As Crypto Lending enters the capital markets, it kicked off public trading at a valuation of $5.3 billion.
• Tokenization is gaining traction, with BlackRock showing interest in ETF tokenization and NASDAQ exploring tokenized stock transactions.

This is a weekly summary that tracks major publicly traded crypto companies.

Gemini’s IPO pop

Crypto Exchange Gemini achieved a $4.4 billion valuation during its NASDAQ debut on Friday. As of the latest figures, shares, trading under the Gemi symbol, were approximately $34, marking a 22.6% gain since the start of trading.

Founded in 2014, Gemini received the Bitlicense from the New York State Department of Financial Services the following year. The company secured $425 million through its IPO, a figure based on regulatory submissions. Outlets had previously indicated that the IPO was heavily oversubscribed.

However, tension is brewing between founders Tyler and Cameron Winklevoss and Commodity and Futures Trading Commission nominee Brian Quintenz.

Quintenz shared a screenshot of a July text exchange with Tyler, which suggests he reached out to Gemini over complaints regarding alleged fraudulent activities at the regulator. Notably, Gemini paid $5 million to settle a CFTC lawsuit back in January, shortly before a trial was set to begin. In June, a lawyer for the company filed a complaint stating that the CFTC’s actions were inappropriate.

Quintenz expressed that these texts showcase his refusal to make promises, claiming they reveal a preexisting conversation about pausing his confirmation based on reasons that go beyond what’s in the discussions.

Some individuals in the thread raised concerns over timing, particularly since Quintenz’s current firm, Andreessen Horowitz, is investing significantly in Gemini’s direct competitor, Coinbase.

Attractive person

While Gemini is drawing attention, it’s not the only crypto company making waves this week.

Crypto lender Figure began trading on Nasdaq under the Figr ticker on Thursday, witnessing a stock surge of 24%. The company entered public markets at a valuation of $5.3 billion.

By Friday afternoon, the stock price was around $33.46, about 33% higher than its $25 IPO price.

The company noted, “Our IPOs have demonstrated the potential when blockchain integrates with capital markets: speed, transparency, efficiency.” They expressed excitement about the future and their vision moving forward.

Figure CEO Michael Tannenbaum remarked that the firm’s efforts are aimed at showing Wall Street how to leverage blockchain for a more efficient market, particularly for real assets and tokenization.

Tokenization—essentially, transforming real-world assets into blockchain equivalents—has gained recent traction. According to a report, BlackRock is considering tokenizing ETFs, a move that seems to extend beyond initial efforts to a broader scope involving trillions of dollars.

Even NASDAQ is showing interest in having tokenized stocks trade on exchanges, suggesting that issuers can opt for tokenized versions of securities transactions.

What Gensler text?

Coinbase alleges that the SEC has caused “irreparable harm” by eliminating documents from Gary Gensler’s tenure as chair.

Coinbase’s Chief Legal Officer stated that “Gensler’s SEC has destroyed necessary documents,” sharing a link to a court filing that supports their claims about the SEC’s practices.

Recently, a report revealed that almost a year’s worth of text messages from then-chair Gensler was permanently deleted between October 2022 and September 2023.

Coinbase has been pursuing SEC documents through the Freedom of Information Act for some time, especially after regulators turned down their requests.

Other keys

Dat worked: GameStop’s quarterly report showed losses, but they had good news too—$500 million in Bitcoin had appreciated to $528 million by quarter’s end.

BTC land rising: Japan’s Bitcoin Ministry of Finance Metaplanet is aiming to raise $1.45 billion to purchase more BTC, citing concerns over national debt, negative interest rates, and yen depreciation.