Figure Files for US IPO as Crypto Firms Push Public Listings Amid Regulatory Clarity

Blockchain-based lending platform Figure has quietly taken a step toward going public by confidentially filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) [1]. The move positions the company among a growing number of crypto-related businesses seeking public listings amid increased regulatory clarity and political support for the industry under the Trump administration [1].

The proposed IPO involves the offering of Figure’s equity securities, though the number of shares and pricing have not yet been determined [1]. The company noted that the offering is subject to market conditions and the SEC’s review process [1]. While a specific timeline remains unclear, the offering is expected to occur in the second half of 2025 [1].

Figure’s IPO filing comes on the heels of several other high-profile crypto firms entering the public markets. Circle, for example, launched its IPO in June with a 120% jump in share price from its initial offering, raising about $1.1 billion and achieving a $6.8 billion valuation before trading began [1]. At the same time, Peter Thiel-backed exchange Bullish has also filed for an IPO, seeking a valuation of up to $4.23 billion [1]. BitGo, a digital asset custodian, submitted its own S-1 form in mid-July [1]. Other firms in the crypto space, including Grayscale and Gemini, have similarly filed for public listings [1].

This wave of IPO activity signals a broader trend of crypto firms emerging from the shadows of private financing to take advantage of a more favorable regulatory environment and investor appetite. With major players demonstrating strong market performance post-IPO, the momentum suggests that more blockchain-related companies may follow suit in the coming months.

The timing of these public offerings coincides with a growing sense of optimism among crypto advocates and entrepreneurs, who view the current administration’s policies as a catalyst for innovation and market growth. As the SEC continues its review process, the ultimate success of Figure’s IPO—and others like it—will depend on a variety of factors including market sentiment, regulatory feedback, and broader economic conditions.

Source: [1] Blockchain-based Figure confidentially files for US IPO, as more of the crypto horde goes public (https://coinmarketcap.com/community/articles/6891efddd648e04dc407e100/)