The article explores the potential of perpetual contracts (PERPS) as a means to bring real-world assets (RWAs) on-chain, arguing that they offer a more effective alternative to traditional tokenization methods. It also critiques the IPO process, highlighting how investment banks manipulate pricing to benefit institutional investors at the expense of retail traders.

Grayscale Investments has confidentially submitted a draft registration statement for an initial public offering to the U.S. SEC, allowing them to keep sensitive financial details private until closer to a potential listing. This move follows significant developments for the firm, including the conversion of its Bitcoin and Ethereum trusts into ETFs, and comes at a time when interest in crypto listings is increasing under a pro-crypto regulatory environment.

Figure Technology Solutions is aiming to raise approximately $526 million in its IPO, while Gemini seeks to secure up to $361 million. Both companies recently updated their IPO filings, highlighting the growing interest in the crypto IPO market.

Shares of crypto exchange Bullish surged after its IPO, raising approximately $1.1 billion and opening at $90, 143% above its initial price of $37. The company aims to attract institutional investors, with total trading volume exceeding $1.25 trillion since its launch in 2021, and has a current market value of about $10.25 billion.

Gemini has filed for an IPO on Nasdaq under the ticker GEMI, revealing a significant net loss of $282.5 million in the first half of 2025, compared to $41.3 million in the same period last year. The filing also includes plans to transition most users to a Florida-based unit called Moonbase and a new credit agreement with Ripple worth up to $75 million.

Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss in 2014, has filed for an initial public offering on the Nasdaq Global Select Market under the ticker symbol "GEMI." This filing comes on the heels of the company's efforts to expand its presence in Europe.