Blockchain Speedster Figure Goes Public, Aims to Loan Its Way to $4B Valuation

Figure Technology, a blockchain-based lending platform, is preparing for a high-profile initial public offering (IPO) with an ambitious valuation of up to $4.13 billion, marking it as one of the most significant crypto-related IPOs in recent years. The company, founded in 2018 by Mike Cagney, is leveraging renewed investor confidence in the crypto market and favorable regulatory developments to attract institutional and retail investors. The IPO, expected to price shares between $18 and $20, involves the sale of 26.3 million shares and aims to raise up to $526.3 million in proceeds. The offering underscores a broader trend of crypto and fintech firms returning to public markets amid growing interest in digital assets [1].

The IPO follows a period of strong performance for Figure, with the company reporting a significant turnaround in profitability. For the six months ending June 30, the firm posted a profit of $29 million, reversing a loss of $13 million in the same period the previous year. This financial improvement is attributed to the company’s efficient operations and innovative use of blockchain technology, which enables it to fund home equity loans in just 10 days—far quicker than the industry average of 42 days. The company's vertically integrated platform supports a range of activities, including lending, trading, and investing in digital assets, positioning it as a comprehensive solution in the evolving financial technology landscape [1].

The broader market environment has also played a critical role in Figure’s decision to pursue an IPO. Regulatory clarity and the success of other crypto-related IPOs, such as Bullish and Circle, have bolstered investor confidence. Additionally, the performance of crypto-focused exchange-traded funds (ETFs) has demonstrated sustained demand for digital assets. Industry experts suggest that the U.S. administration's supportive stance toward crypto has further accelerated the trend, with the IPO pipeline expected to remain active for firms with strong compliance frameworks and innovative business models. Josef Schuster, CEO of IPOX, emphasized that the current climate is particularly favorable for well-structured crypto companies [1].

New York-based Figure Technology Solutions, as the company is formally known, plans to list on the Nasdaq under the ticker symbol FIGR. The IPO is led by Goldman Sachs, Jefferies, and BofA Securities, with additional underwriting support from Societe Generale, Keefe Bruyette Woods, and Mizuho Securities. The company's 12-month trailing revenue for the period ending June 30, 2025, reached $375 million, further reinforcing its market viability [2]. New investor Duquesne Family Office has also committed to purchasing $50 million worth of shares, representing 10% of the offering, signaling confidence in the firm’s long-term potential [2].

Analysts view Figure’s IPO as a reflection of broader trends in the fintech and blockchain sectors. As the company’s technology continues to streamline traditional financial processes, it is well-positioned to capitalize on the growing adoption of digital assets. Jeff Zell of IPO Boutique noted that investors in crypto-related firms tend to exhibit patience due to the sector's long-term growth potential, particularly as regulatory challenges begin to ease and market adoption increases. With a strong balance sheet, a unique business model, and a supportive market environment, Figure’s public listing is poised to attract both institutional and retail interest [1].

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[1] Figure seeks $526 million valuation in U.S. IPO as blockchain... (https://finance.yahoo.com/news/figure-seeks-526-million-valuation-133915847.html)

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