Figure Files for Nasdaq IPO as Blockchain Lender Hits $191M Revenue and Turns Profit

Blockchain-based lender Figure Technology Solutions has officially filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO), signaling continued momentum for crypto-focused firms seeking public market exposure [1]. The New York-based company plans to list on the Nasdaq under the ticker symbol “FIGR,” with Goldman Sachs, Bank of America, and Jefferies Financial Group serving as lead underwriters [2]. The filing also revealed that existing shareholders will participate by selling shares in the offering [3].

Figure reported strong financial results for the first half of 2025, with revenue reaching nearly $191 million—up 22% from the same period in the prior year. The company also recorded a profit of $29 million, a significant turnaround from a $13 million loss in the previous year [4]. The firm’s valuation was previously reported at $3.2 billion following a 2021 Series D funding round that raised $200 million [5].

Founded in 2018 by Mike Cagney, who also co-founded the blockchain platform Provenance and the fintech company SoFi, Figure operates a blockchain-based platform for lending, trading, and asset tokenization [6]. To date, the company has originated more than $16 billion in blockchain-based loans and executed over $50 billion in onchain transactions [7]. Cagney highlighted in the filing that blockchain can bring liquidity to traditionally illiquid markets by tokenizing assets and making their performance data accessible onchain [8].

The company is currently operating under the name FT Intermediate Inc. but plans to rebrand to Figure Technology Solutions Inc. after restructuring its business units [9]. The IPO filing coincides with a broader trend of crypto companies pursuing public listings, including Bullish, Gemini, BitGo, and Grayscale [10].

Sources:

[1] Cointelegraph (https://cointelegraph.com/news/figure-technology-files-nasdaq-ipo-in-us)

[2] TheBlock (https://www.theblock.co/post/367364/figure-technology-publicly-files-ipo)

[3] BusinessWire (https://www.businesswire.com/news/home/20250818159849/en/Figure-Technology-Solutions-Inc.-Files-Registration-Statement-for-Proposed-Initial-Public-Offering)

[4] Reuters (https://www.reuters.com/business/blockchain-lender-figure-technology-reveals-revenue-surge-us-ipo-filing-2025-08-18/)