Blockchain Lending Giant Rides Tokenized Wave into Public Markets

Nasdaq is preparing for the initial public offering of Figure Technology Solutions, a blockchain-based lender marking its entry into the public markets. The company, which filed for its IPO on August 18, 2025, plans to trade under the ticker symbol FIGR on the Nasdaq Global Market. This filing comes after a period of strategic expansion and a shift from its previous private funding and merger attempts. Figure, backed by prominent investors such as Apollo Global Management and Ribbit Capital, aims to capitalize on a growing interest in blockchain and crypto-related financial services [1].

Figure’s business model centers on a blockchain-native capital marketplace that integrates loan origination, funding, and secondary market activity. The company has positioned itself as the largest non-bank provider of home equity lines of credit (HELOCs), with its partners having originated over $16 billion in home equity loans to date. The most recent six-month period ending June 30, 2025, saw the company generate $190.6 million in revenue and a net profit of $29.1 million, a significant improvement from the $15.6 million net loss recorded in the same period the previous year [3].

The IPO follows a recombination of Figure with its previously spun-off entity, Figure Markets, which had operated as a standalone digital asset exchange. This restructuring was completed in July 2025, positioning the company to better leverage opportunities in real-world asset tokenization. This process involves converting traditional assets like real estate, art, and mortgages into digital tokens for trading on blockchain networks. Major financial institutions such as BlackRock and JPMorgan have recently entered this space, indicating its increasing relevance [4].

Goldman Sachs, Jefferies, and BofA Securities are leading the IPO underwriting process. The firm previously attempted to go public through a merger with a SPAC but abandoned the effort due to unfavorable market conditions and regulatory challenges. The timing of this IPO aligns with a broader trend of crypto-related companies seeking public listings, driven in part by the success of recent high-profile IPOs such as Circle Internet Group and Bullish. The market has shown increased appetite for such offerings, particularly as interest in tokenized assets and blockchain-enabled financial services grows [2].

Figure’s blockchain infrastructure underpins its lending and investment platforms, with products including consumer credit, crypto-backed loans, and a digital asset exchange. The company has also expanded into cryptocurrency lending, recently partnering with Victory Park Capital to launch the first securitized pool of crypto-backed loans. This product allows borrowers to take out loans against their Bitcoin and Ethereum holdings at loan-to-value ratios of up to 75%. The company’s use of artificial intelligence, including OpenAI’s technology for loan evaluation and a chatbot powered by Google Gemini, further underscores its focus on innovation [5].

The IPO filing comes amid a broader push by the Trump administration to support the crypto sector and related legislative developments, which have contributed to a favorable environment for public listings. With its strong financial performance and strategic positioning in the blockchain and digital asset space, Figure is poised to attract investor interest. However, as with any public offering, the final terms and pricing remain subject to market conditions and regulatory approvals [4].

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

[3] Blockchain-powered lender Figure Technology Solutions files (https://www.renaissancecapital.com/IPO-Center/News/112853/Blockchain-powered-lender-Figure-Technology-Solutions-files-for-an-estimate)

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

[5] 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)