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Today, the cryptocurrency market experienced some crucial developments as blockchain companies extended their partnerships with classical financial systems. Figure Technology Solutions confidentially filed its initial public offering (IPO) with the US Securities and Exchange Commission, moving the industry forward in terms of market exposure.
Meanwhile, SharpLink Ethereum holdings are expected to reach close to a total of $2 billion in a new acquisition, and Galaxy Digital plans to tokenize its share issuance after recently posting earnings. These developments highlight a fast-approaching merger of blockchain technology and conventional financial systems.
Figure Technology Solutions has confidentially submitted to the US Securities and Exchange Commission (SEC) an initial public offering (IPO) in the form of a blockchain company, following a larger trend of blockchain companies moving into going public. The company specializes in blockchain-enabled financial services, tokenization of real-world assets (RWA), and lending via its Provenance Blockchain platform.
The confidential filing will grant the fintech business a chance to execute the public listing process without revealing financial information or share structure. The size and pricing of the share offering are not yet decided, and they are subject to market conditions and regulatory approval.
Also Read: Crypto Prices Today: Bitcoin Price Holds $114,000, D0GE Surges 3%, Ethereum at $3,658
Many companies are onboarding the crypto IPO wave to tap capital from traditional markets. Circle’s $6.9 billion IPO on June 5 and Grayscale’s confidential filing in July have signaled renewed interest from investors. Figure’s IPO follows its March 2024 announcement of a $60 million Series A round to fund its “everything exchange” platform, aiming to offer tokenized stocks and digital assets.
SharpLink, a digital asset investment firm, disclosed the purchase of 83,562 Ether (ETH) worth $264.5 million between July 28 and August 3. This increased the SharpLink Ethereum holdings to 521,939 ETH, valued at $1.91 billion at current prices. The company has staked all of its Ether, generating 929 ETH in staking rewards so far.
The big fund’s ETH play is measured through its ETH-per-share metric called “ETH concentration,” which is up at 3.66. This is up 83% since SharpLink started buying the digital currency in June. SharpLink made its initial $463 million ETH purchase on June 13, becoming the largest public ETH holder at the time.
However, BitMine Immersion Technologies has since overtaken it, holding 833,137 ETH valued at over $3 billion. According to Strategic ETH Reserve data, other major ETH treasuries include The Ether Machine with 345,000 ETH and the Ethereum Foundation with 232,600 ETH.
Galaxy Digital, now trading on Nasdaq, has filed a notice with the SEC revealing plans to tokenize its Class A common stock. The company signed a Digital Transfer Agency Agreement in May with Superstate Services, a registered agent for real-world assets. This move aims to explore whether tokenized shares could be used in decentralized finance (DeFi) platforms.
Galaxy stated that tokenized GLXY stock could provide an additional trading mechanism. However, it also noted that blockchain-based trading systems often lack the liquidity and oversight of national exchanges. Superstate’s Opening Bell platform recently launched on-chain trading for SEC-registered shares.
In its second-quarter earnings report, Galaxy posted $8.7 million in revenue, a 30% decline from the previous quarter’s “Gross Revenues & Gains.” The firm’s assets fell 43% to $6.3 billion. It reported a $30.7 million net income after consecutive losses. During the quarter, Galaxy facilitated the sale of over 80,000 Bitcoins on behalf of a client. Despite the earnings, GLXY stock dropped 9% to $26.26, with a market cap near $10 billion.
Also Read: Solana vs. Ethereum: Who’s Winning the Real-World Asset Tokenization Battle in 2025?
