Blockchain Lending Giant Figure Files for IPO in Crypto’s New Golden Age

Blockchain-based lender Figure Technology Solutions Inc. has filed publicly for an initial public offering (IPO), joining a growing wave of crypto-related firms seeking public listings. The New York City-based company reported a net income of $29.1 million on revenue of $190.6 million for the six months ending June 30, compared to a net loss of $15.6 million on revenue of $156 million in the same period a year earlier, according to a filing with the U.S. Securities and Exchange Commission [2]. Figure had previously filed a confidential IPO statement earlier this month, and its last venture-backed funding round in 2021 valued the company at $3.2 billion [2].

Founded in 2018 by Mike Cagney—formerly a key figure in SoFi—Figure has become a leading player in blockchain-based lending, offering products such as home equity lines of credit (HELOCs) and crypto-backed loans. The company recently expanded into the digital asset exchange sector and has secured over $16 billion in blockchain-based loans since its inception [2]. In 2024, Figure appointed Michael Tannenbaum as CEO, who previously served as COO at Brex and as chief revenue officer at SoFi [1].

Figure's strategic pivot into crypto-backed lending and real-world asset tokenization has positioned it to capitalize on a rapidly evolving market. The company entered into a financing agreement with Victory Park Capital to create the first securitized pool of crypto-backed loans, allowing asset owners to borrow against their Bitcoin and Ethereum holdings at loan-to-value ratios up to 75% [1]. Furthermore, Figure is leveraging artificial intelligence in its loan evaluation processes, using technologies from OpenAI and Alphabet's Google Gemini [2].

The recent success of crypto-related IPOs, including Circle Internet Group and Bullish, has encouraged a surge in public market activity. Circle Internet Group, the issuer of the USD Coin (USDC), reported a 53% year-over-year revenue growth in its first public earnings report for Q2 2025, with total revenue and reserve income reaching $658 million. The company’s shares surged over 500% in the first two weeks of trading, signaling strong investor demand for exposure to the crypto sector [7]. Similarly, Bullish’s shares more than doubled on their first day of trading, further validating the momentum in crypto IPOs [1].

Investor appetite for crypto-related equities appears to be driven by both market conditions and regulatory developments. The U.S. government, under a Republican-led administration, has signaled strong support for the crypto industry, including the passage of the GENIUS Act, which established a federal regulatory framework for stablecoins [7]. This legal clarity has encouraged institutional adoption and bolstered confidence among investors. Figure’s IPO filing aligns with this broader trend, as it seeks to capitalize on favorable market conditions and investor enthusiasm [1].

Despite the positive momentum, challenges remain. Circle Internet recently announced a secondary offering of 10 million Class A shares, with 8 million coming from existing shareholders, raising concerns about profit-taking and dilution [6]. The move has led to a 13% decline in its shares over a week. Analysts have noted that while Circle’s long-term growth prospects remain strong, its current valuation is stretched, and competition from firms like Coinbase and Fiserv is intensifying [5]. As the crypto IPO market continues to evolve, the success of companies like Figure and Circle will depend not only on market conditions but also on their ability to differentiate and scale their offerings in a highly competitive landscape.

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[1] Figure's IPO filing marks Mike Cagney's return to public markets (https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/)

[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)

[3] It's time to put these three crypto IPOs on your radar after ... (https://finance.yahoo.com/news/time-put-three-crypto-ipos-173200114.html)

[4] Harrison Tucker Discusses Crypto IPOs with Barron's (https://www.gibsondunn.com/harrison-tucker-discusses-crypto-ipos-with-barrons/)

[5] Circle Internet Drops 13% in a Week: Buy, Sell or Hold the ... (https://www.nasdaq.com/articles/circle-internet-drops-13-week-buy-sell-or-hold-stock)

[6] 10 Million Reasons to Sell Circle Stock Here - Yahoo Finance (https://finance.yahoo.com/news/10-million-reasons-sell-circle-203725911.html)

[7] Circle's First Public Earnings Show 53% Revenue Growth (https://leverageshares.com/us/insights/circles-first-public-earnings-show-53-revenue-growth/)