Figure and Gemini Are Set to Go Public, Underdog and Crypto.com Go Through a Sports Betting Loophole, and the SEC and CFTC Say Spot Crypto Trading Is a Go | September 3, 2025
Description
Figure Technologies (1:08 ) and Gemini (2:35 ) are both going public, adding momentum to the wave of crypto-native firms hitting the markets. Underdog and Crypto.com are reimagining sports wagering through prediction markets, sidestepping state betting bans in 16 states (4:09 ). And the SEC and CFTC signal that regulated U.S. exchanges can now offer spot crypto trading (5:44 ).
This is your essential update on the forces shaping what’s next in money.
More on stories and articles discussed or referenced in this episode:
Bhandari, Ateev and Pritam Biswas. “Blockchain Lender Figure Seeks up to $4.1 Billion Valuation in US IPO.” Reuters, 2 September 2025, https://money.usnews.com/investing/news/articles/2025-09-02/figure-seeks-526-million-valuation-in-u-s-ipo-as-blockchain-lender-joins-market-rush.
Bourgi, Sam. “Figure Technology Seeks $4B Valuation in Public Listing as Crypto IPO Wave Builds.” CoinTelegraph, 2 September 2025, https://cointelegraph.com/news/figure-technology-ipo-2025.
Brewer, Contessa. “Crypto.com and Underdog Partner to Offer Sports Prediction Markets.” CNBC, 2 September 2025, https://www.cnbc.com/2025/09/02/cryptocom-and-underdog-partner-to-offer-sports-prediction-markets.html.
“Gemini Announces Launch of Initial Public Offering.” Gemini Space Station, Inc., 2 September 2025, https://www.prnewswire.com/news-releases/gemini-announces-launch-of-initial-public-offering-302543703.html.
Hamid, Jai. “Crypto.com, Underdog to launch prediction markets where sports betting is still banned.” Cryptopolitan, 2 September 2025, https://www.cryptopolitan.com/crypto-com-underdog-prediction-markets/.
Hamilton, Jesse. “U.S. SEC, CFTC Combine Forces to Clear Registered Firms' Trading of Spot Crypto.” CoinDesk, 2 September 2025, https://finance.yahoo.com/news/u-sec-cftc-combine-forces-210521862.html.
“SEC and CFTC Staff Issue Joint Statement on Trading of Certain Spot Crypto Asset Products.” U.S. Securities and Exchange Commission, 2 September 2025, https://www.sec.gov/newsroom/press-releases/2025-110-sec-cftc-staff-issue-joint-statement-trading-certain-spot-crypto-asset-products.
The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.
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