DFINITY: Tokenization not required, but blockchain provides core benefits of proof of origin, unbreakable governance, and atomic swaps.

DFINITY: Tokenization not required, but blockchain provides core benefits of proof of origin, unbreakable governance, and atomic swaps.

Figure Technology Solutions, a blockchain-based lender, has taken a significant step toward its public market debut by filing a confidential S-1 with the U.S. Securities and Exchange Commission in March 2024. The company is preparing for an initial public offering (IPO) expected in 2025, following a prior IPO cancellation in November 2023 [1]. Co-founded by Mike Cagney, former CEO of SoFi, Figure is leveraging blockchain technology to streamline financial services, particularly through its Home Equity Line of Credit (HELOC) product [2].

The company's strategic focus on blockchain-based lending positions it as a pioneer in the real-world asset (RWA) tokenization space. A $355 million blockchain-based securitization transaction underscores institutional confidence in its model and highlights the firm’s readiness for expansion [2]. According to Cagney, the company is awaiting broader market optimism, or “animal spirits,” before accelerating its entry into public markets [2].

Figure's potential IPO aligns with a broader trend in the crypto and blockchain sector, where several firms are pursuing public offerings to secure capital and validate their business models. Other companies, such as Circle and Bullish, are also preparing for public listings, reflecting growing investor confidence in the space despite regulatory uncertainties and market fluctuations [3][4].

The IPO process involves collaboration with major underwriters, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jefferies Financial Group Inc., though details such as the number of shares to be offered and the pricing range have not yet been disclosed [1]. By filing confidentially, Figure maintains flexibility during negotiations and avoids premature market reactions, a common strategy in high-growth and complex industries.

Analysts have noted the potential for strong IPO performance for blockchain firms in 2025–2026, based on Figure’s innovative approach and market positioning. The company’s growth, including over 60% year-over-year revenue expansion in 2024, further supports its readiness for public market scrutiny [2]. Additionally, its development of the SEC-recognized YLDS stablecoin demonstrates a commitment to regulatory compliance and scalable financial solutions [1].

As the firm moves forward with its public offering, it will need to navigate evolving regulatory expectations and investor sentiment, particularly as more blockchain-native firms enter the public market. The IPO will likely serve as a bellwether for the sector’s broader acceptance and the potential for tokenized assets to reshape traditional financial infrastructure.

References:
[1] https://news.bloomberglaw.com/business-and-practice/blockchain-based-lender-figure-files-confidentially-for-us-ipo
[2] https://www.ainvest.com/news/figure-technology-solutions-blockchain-powered-heloc-platform-reshaping-home-equity-lending-fueling-ipo-potential-2025-2026-2508/
[3] https://www.forbes.com/sites/charleswayn/2025/08/04/crypto-is-in-for-a-long-hot-ipo-summer/
[4] https://www.theinformation.com/briefings/crypto-exchange-bullish-seeks-4-2-billion-valuation-ipo