Figure's Blockchain Revolution Goes Public: A Liquidity Leap for Finance

Figure Technology Solutions Inc., a blockchain-based lender that has originated more than $16 billion in loans on the blockchain, has filed publicly for an initial public offering (IPO) in the U.S. The company, which previously filed confidentially for the listing, plans to trade on the Nasdaq under the symbol “FIGR” with Goldman Sachs Group Inc., Bank of America Corp., and Jefferies Financial Group Inc. leading the offering [1]. The move positions Figure as part of a growing wave of crypto-related firms seeking public market access amid a regulatory environment perceived to be more accommodating under the current administration.

Based in New York City, Figure reported robust financial performance for the first half of 2025, with revenue reaching $190.6 million, an increase of over 22% compared to the same period in 2024. The company also recorded a net profit of $29.1 million, a sharp turnaround from a $15.6 million loss in the prior year [1]. These figures highlight a significant improvement in the company’s financial health, which was previously backed by a 2021 funding round that valued it at $3.2 billion [2]. The IPO will allow existing shareholders, including Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital, to sell portions of their holdings [1].

Figure’s business model centers on the use of blockchain technology to facilitate a range of financial services, from home equity lines of credit (HELOCs) to crypto-backed loans and a digital asset exchange. The company has leveraged OpenAI’s artificial intelligence to evaluate loan applications and employs a chatbot powered by Alphabet Inc.’s Google Gemini. In 2024, customers for partner-branded HELOC loans originated or purchased by Figure had a weighted average FICO score of 753, compared to 740 for Figure-branded loans, indicating a strong credit profile [1]. The firm is also at the forefront of asset tokenization on the Provenance blockchain, a platform that allows for the digitization of traditionally illiquid assets [2].

The company’s founder, Mike Cagney, has a history of innovation in the fintech space, having played a key role in the development of SoFi and the Provenance blockchain. He stepped down as CEO in 2018 but continues to hold the majority of voting power through his ownership stake. In 2024, Michael Tannenbaum was appointed as CEO, signaling a transition in leadership ahead of the IPO [1]. Cagney has emphasized the transformative potential of blockchain in financial services, stating that the technology can reduce intermediation and bring liquidity to previously illiquid markets [2].

With the IPO, Figure will rebrand from its current entity name, FT Intermediate Inc., to Figure Technology Solutions Inc. The offering aligns with a broader trend of crypto firms seeking public listings, including the recent debut of Bullish, the owner of crypto exchange Gemini and CoinDesk, and the anticipated IPO of Grayscale and BitGo. As the market for blockchain-based financial services continues to evolve, Figure’s transition to a publicly traded company could offer investors increased transparency and access to a sector that has seen rapid innovation in recent years.

Source:

[1] 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)

[2] Blockchain-based Lender Figure Files For US IPO (https://cointelegraph.com/news/figure-technology-files-nasdaq-ipo-in-us)