Figure Files Confidential IPO Filing Amid Rising Blockchain Fintech Interest

Figure Technology Solutions, a blockchain-based lending platform, has taken a significant step toward becoming a publicly traded company by filing a confidential draft registration statement with the U.S. Securities and Exchange Commission (SEC) for an upcoming Initial Public Offering (IPO) [1][2]. The submission, made under the SEC’s confidential IPO process, allows the firm to keep sensitive financial and operational details private until closer to the listing [3].

Founded by Mike Cagney, the co-founder of SoFi, Figure has positioned itself as a key player in the blockchain lending space. The company uses its proprietary blockchain, Provenance, to streamline loan origination, servicing, and trading. This approach is designed to reduce costs, improve transparency, and enhance operational efficiency in traditional lending [4]. The confidential filing signals Figure’s intention to scale operations and tap into capital markets at a time when investor interest in blockchain fintech is rising [5].

The IPO filing comes amid broader industry momentum. In March 2025, the SEC updated its policies to expand eligibility for nonpublic draft submissions, offering firms greater flexibility in preparing for a public listing [6]. This regulatory shift has encouraged more blockchain-based firms to explore public market opportunities, with Figure now entering the fray in a more structured and strategic manner.

The confidential filing indicates that the company is in an advanced stage of preparing its financial and legal documentation for a potential listing. However, the exact timing, pricing, and valuation details remain undisclosed [2][7]. Once finalized, the SEC-approved documentation will be made public ahead of the IPO, giving investors a clearer view of Figure’s financial health and strategic direction [10].

Analysts have observed that the crypto sector is showing signs of maturation, with more firms adopting traditional financial structures to attract a broader range of investors [8]. This trend could enhance the credibility and stability of the industry as it moves toward mainstream adoption. However, the success of Figure’s IPO will depend on several factors, including market conditions, regulatory reviews, and investor sentiment [9].

If the offering proceeds as planned, Figure could become one of the first major blockchain-based fintech companies to list on U.S. markets. The IPO would not only provide new funding opportunities but also serve as a benchmark for how public markets perceive and value blockchain-enabled financial models [10].

Source:

[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] Cryptopolitan (https://www.cryptopolitan.com/figure-technology-files-for-ipo/)

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

[7] X (https://x.com/Cointelegraph/status/19526182****5315822)

[8] WuBlockchain (https://x.com/WuBlockchain/status/1952462131****40664)

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