Blockchain Lender Figure Eyes IPO as Crypto Finance Gains Mainstream Momentum

Figure Technology Solutions, Inc. has announced the filing of a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Class A common stock. The company has applied for a listing on the Nasdaq Global Market under the ticker symbol “FIGR.” The IPO, however, remains subject to market conditions and regulatory approval. The number of shares and the price range have yet to be finalized. Goldman Sachs & Co. LLC, Jefferies, and BofA Securities are acting as lead underwriters for the offering [1].

According to its IPO filing, the company reported a revenue surge of 22.4% in the first half of 2025, reaching $191 million in the six months ended June 30. This marked a significant turnaround from a loss of $13 million in the same period the previous year to a profit of $29 million. The performance highlights the company’s growing traction in the blockchain-powered lending market [3].

Figure operates as a blockchain-native capital marketplace, connecting loan origination, funding, and secondary market activity. The company and its more than 160 partners have originated over $16 billion in home equity loans to date, making it the largest non-bank provider of home equity financing. The company attributes its success to the application of blockchain technology, which enhances liquidity in traditionally illiquid markets. Mike Cagney, Figure’s co-founder and a former co-founder of SoFi, emphasized that blockchain enables the digitization of loan performance history, creating a more transparent and efficient capital market [3].

Among its key offerings, Figure Connect, a consumer credit marketplace, and Democratized Prime, an on-chain lend-borrow platform, have seen the most rapid growth. The company also developed DART (Digital Asset Registry Technology), a tool for asset custody and lien perfection, and YLDS, an SEC-registered yield-bearing stablecoin functioning as a tokenized money market fund [1]. These innovations support its broader mission to integrate blockchain into traditional financial systems.

The IPO filing comes amid a favorable environment for crypto-related companies seeking public market access. The Trump administration has fostered a crypto-friendly regulatory climate, and the successful debut of stablecoin issuer Circle has set a precedent for similar listings. Figure joins other crypto players, such as Gemini, the crypto exchange founded by the Winklevoss twins, which also recently filed for an IPO [3]. According to IPOX CEO Josef Schuster, crypto is emerging as a major component of the IPO market, with a growing number of deals expected through both traditional IPOs and deSPAC transactions [3].

Figure’s listing represents a pivotal moment in the broader adoption of blockchain in capital markets. With its strong revenue growth and innovative offerings, the company is positioning itself as a leader in the digital finance space. The final details of the IPO, including pricing and terms, will be determined in the coming months.

Source:

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

[2] Figure - Overview, News & Similar companies (https://www.zoominfo.com/c/figure-lending-llc/448318779)

[3] Blockchain lender Figure Technology reveals revenue surge in IPO filing (https://finance.yahoo.com/news/blockchain-lender-figure-technology-makes-205424776.html)