Blockchain Lending Giant Figures Big Bet on Crypto’s New Era

Blockchain lender Figure Technology Solutions has outlined plans to raise up to $526.3 million through an initial public offering, aiming to achieve a valuation of up to $4.13 billion. The company, which operates a blockchain-based platform for consumer credit and digital assets, is seeking to capitalize on renewed investor interest in the crypto sector, driven by regulatory clarity and institutional adoption. The IPO, set to price during the week of September 8, 2025, involves the sale of 26.3 million shares at a price range of $18 to $20, with a secondary offering accounting for 18% of the shares [2].

Founded in 2018 by Mike Cagney, Figure has developed a vertically integrated blockchain infrastructure that supports its lending, trading, and investing activities. The company’s platform is designed to streamline processes in the home equity line of credit (HELOC) market, enabling faster loan funding compared to traditional industry averages. For the six months ending June 30, Figure reported a profit of $29 million, a significant improvement from a $13 million loss in the same period the prior year [2]. The firm has recorded $375 million in sales for the 12 months ended June 30, 2025, signaling strong performance in its core operations.

Figure is also leveraging a partner-branded strategy, allowing mortgage originators, servicers, banks, and credit unions to utilize its technology to originate and distribute loans under their own brands. This approach underscores the company’s emphasis on scalable infrastructure and industry collaboration. Goldman Sachs, Jefferies, and BofA Securities are among the lead underwriters for the offering, with the company planning to list on the Nasdaq under the ticker symbol FIGR [1].

The broader IPO market is showing signs of revival, particularly in the technology and cryptocurrency sectors. The fall IPO window has seen several high-profile companies, including Swedish fintech Klarna and crypto exchange Gemini, launch their roadshows. According to IPOX CEO Josef Schuster, the current regulatory environment and investor sentiment favor well-structured, compliance-focused firms in the space. Analysts note that favorable first-day performances by firms like Bullish and Circle have reinforced confidence in the sector’s growth potential [2].

Figure’s IPO aligns with a broader trend of digital asset and AI-related companies leading the fall IPO pipeline. As uncertainty surrounding trade policies and political dynamics recedes, firms are beginning to test investor appetite with more aggressive listings. The Nasdaq’s CEO Adena Friedman has noted a stronger IPO pipeline for the remainder of 2025, particularly for growth-oriented technology and consumer-focused firms [3]. The market environment, supported by record stock valuations and a favorable interest rate backdrop, is expected to sustain momentum for IPOs in the near term [3].

The offering highlights a shift in investor behavior, with analysts noting that patience and long-term strategic vision are driving interest in blockchain and digital asset platforms. Regulatory advancements and growing institutional adoption have helped mitigate some of the earlier concerns surrounding crypto-based businesses. As more blockchain-native firms consider public listings, the sector’s ability to scale and adapt to evolving market demands will play a crucial role in sustaining investor confidence [2].

Source:

[1] Blockchain-powered lending platform Figure Technology sets terms for $500-m (https://www.renaissancecapital.com/IPO-Center/News/113150/Blockchain-powered-lending-platform-Figure-Technology-sets-terms-for-$500-m)

[2] Blockchain lender Figure seeks up to $4.1 billion valuation in U.S. IPO (https://dunyanews.tv/en/Technology/904273-blockchain-lender-figure-seeks-up-to-41-billion-valuation-in-us-ipo)

[3] US IPO Market Reopens for Fall as Trump Tariff Jitters Ebb (https://money.usnews.com/investing/news/articles/2025-09-02/us-ipo-market-reopens-for-fall-as-trump-tariff-jitters-ebb)