Figure Files Confidential IPO Amid Crypto Sector's Push to Public Markets

Figure Technology Solutions, a blockchain-based fintech company, has submitted a confidential registration statement with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering (IPO) [1]. The move follows the recent expansion of SEC rules that now allow companies to confidentially file IPO documents without immediate public disclosure, providing more time to refine their offering details [2]. This filing marks Figure’s latest step toward public market entry and is seen as part of a broader trend of crypto and blockchain firms seeking capital through traditional financial systems [3].

Founded by Mike Cagney, co-founder of SoFi, Figure has developed a proprietary blockchain platform called Provenance. The platform is designed to streamline loan origination, servicing, and trading, leveraging blockchain to reduce costs, improve transparency, and increase operational efficiency [4]. As of March 2024, the company had facilitated over $30 billion in onchain loan and securities transactions, demonstrating strong market adoption [5]. The Provenance Blockchain, a public proof-of-stake network launched in 2018, underpins these financial services and enables tokenization of real-world assets (RWAs), helping bridge the gap between decentralized finance and traditional asset classes [6].

The timing of Figure’s IPO filing aligns with a broader industry shift. In June 2024, Circle, the issuer of the USDC stablecoin, raised over $1.05 billion in a successful $6.9 billion IPO on the New York Stock Exchange [7]. This landmark event is widely regarded as a catalyst for the current wave of crypto-related public market activity. Following Circle, other blockchain firms such as Bullish and eToro have also filed for confidential IPOs, indicating a growing appetite among crypto companies to access public capital [8].

While the specific terms of Figure’s offering—including valuation, share price, and offering size—remain undisclosed, the confidential filing suggests the company is in an advanced stage of preparation. The SEC’s approval process and market conditions will play a critical role in determining the timeline and structure of the offering [9]. Analysts have noted that the crypto sector is gradually maturing, with more companies adopting traditional financial structures to attract a broader investor base [10]. However, the success of Figure’s IPO will depend on several factors, including investor sentiment, regulatory developments, and the overall health of the public markets [11].

If approved and successfully executed, Figure’s IPO could serve as a benchmark for future blockchain-based financial models. A successful listing would not only provide the firm with new capital but also reinforce the growing acceptance of blockchain technology in traditional financial systems. As more crypto-native companies seek public market listings, the trend signals a shift toward greater institutional engagement and regulatory clarity in the sector [12].

[1] Figure (https://www.figure.com/newsroom/announcement/figure-announces-confidential-submission-of-draft-registration-statement-for-proposed-ipo/)

[2] Yahoo (https://finance.yahoo.com/news/blockhain-based-loans-firm-figure-185015965.html)

[3] WebProNews (https://www.webpronews.com/figure-technology-files-confidential-ipo-amid-crypto-surge/)

[4] CoinCentral (https://coincentral.com/figure-tech-joins-crypto-ipo-wave-with-confidential-sec-filing/)

[5] AInvest (https://www.ainvest.com/news/figure-technology-solutions-confidentially-submitted-draft-ipo-registration-sec-2508/)

[6] AInvest (https://www.ainvest.com/news/figure-files-confidential-ipo-crypto-infrastructure-boom-2508/)

[7] Coinotag (https://en.coinotag.com/figure-technologys-confidential-ipo-filing-signals-potential-growth-in-crypto-public-market-listings-for-2025/)

[9] WuBlockchain (https://x.com/WuBlockchain/status/195246213140664)

[10] Yahoo (https://finance.yahoo.com/news/warburg-pincus-backed-miami-international-111517928.html)

[11] XT.com (https://www.xt.com/en/blog/community-news/2025-08-04T19:15:14.000Z)