Blockbuster Profits Push Blockchain Lender Figure Toward Nasdaq Debut

Blockchain lender Figure Technology Solutions Inc. is preparing for an initial public offering on the Nasdaq, following a significant increase in profitability in the first half of 2025. The company, which operates in the blockchain lending sector, reported net income of $29.1 million for the six months ending June 30, a sharp contrast to the $15.6 million net loss recorded in the same period a year earlier [2]. This improvement is attributed to a surge in revenue, which rose to $190.6 million, up from $156 million in the prior year [2]. The filing with the U.S. Securities and Exchange Commission indicates that Figure is capitalizing on a strong market position, with plans to list under the ticker symbol “FIGR” [2].

The company, founded in 2018 by Mike Cagney—who also played a key role in the early days of SoFi Technologies—has grown into a key player in the blockchain finance space. It leverages blockchain technology to facilitate a range of loan products, including home equity lines of credit and crypto-backed loans. As of the most recent filing, Figure has facilitated over $16 billion in blockchain-based loans [2]. The company also launched a digital asset exchange as part of its broader financial services strategy [2].

In its pursuit of innovation, Figure has integrated artificial intelligence into its operations. OpenAI’s tools are used for evaluating loan applications, while a chatbot powered by Alphabet Inc.’s Google Gemini enhances customer interaction. These advancements signal the company’s commitment to leveraging technology for efficiency and risk management [2].

Goldman Sachs Group Inc., Jefferies Financial Group Inc., and Bank of America Corp. are leading the IPO, which marks a critical step in the company’s public market debut. The offering will see Figure rebranded as “Figure Technology Solutions” post-issuance, having previously operated under the name FT Intermediate Inc. [2]. The company’s existing investors include Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital. Mike Cagney, the company’s founder, is expected to maintain control over the majority of voting power even after the IPO [2].

The timing of the IPO filing aligns with a seasonal slowdown in the market, with many companies delaying their roadshows until after Labor Day. This strategic move reflects the broader trend of corporations seeking to maximize visibility and investor interest during a more active market period [1]. The company’s recent financial performance, including the transition from a net loss to a substantial profit, positions it well for a successful public offering [2].

Source:

[1] Blockchain lender Figure Technology makes US IPO filing (https://www.reuters.com/business/blockchain-lender-figure-technology-makes-us-ipo-filing-public-2025-08-18/)

[2] Blockchain-Based Lender Figure Files Publicly for IPO (https://www.bloomberg.com/news/articles/2025-08-18/blockchain-based-lender-figure-technology-files-publicly-for-ipo)