Figure Files for Nasdaq IPO Amid Crypto Sector Surge

Blockchain-based lender Figure Technology Solutions has filed for an initial public offering (IPO) in the United States, joining a wave of crypto-related companies seeking public market access [1]. The New York-based firm plans to list on the Nasdaq under the ticker symbol “FIGR,” with Goldman Sachs, Bank of America, and Jefferies Financial Group serving as lead underwriters [2]. The IPO will also include a sale of shares by existing shareholders, as disclosed in the company’s filing with the Securities and Exchange Commission (SEC) [3].

Figure’s decision to go public follows a strong performance in the first half of 2025, during which it generated revenue of nearly $191 million—an increase of over 22% compared to the previous year. The company also turned a profit of $29 million, reversing a $13 million loss from the same period in 2024 [5].

Founded in 2018 by Mike Cagney, a co-founder of SoFi and blockchain platform Provenance, Figure has built a blockchain-based platform for lending, trading, and asset tokenization [6]. The company was valued at $3.2 billion following a $200 million Series D funding round in 2021 [7]. In its filing, Figure revealed it has originated over $16 billion in blockchain-based loans and facilitated more than $50 billion in onchain transactions to date [7].

Cagney emphasized in the filing that blockchain technology can bring liquidity to traditionally illiquid assets like loans by recording their performance history onchain. He argued that financial services are built on complex, multi-party intermediation, which creates opportunities for rent-seeking. Blockchain, he said, can distill these interactions into direct transactions between buyers and sellers, removing the need for intermediaries [8].

Currently listed under the name FT Intermediate Inc., Figure plans to rebrand as Figure Technology Solutions Inc. after restructuring its business segments [9].

The IPO filing aligns with a recent surge in crypto-related public offerings, including stablecoin issuer Circle Internet Group and crypto exchange Bullish, whose shares rose over 200% on their first trading day [10]. Other crypto firms, including Gemini, BitGo, and Grayscale, have also filed for IPOs, while Kraken is reportedly considering a public listing [11].

Sources:

[1] Cointelegraph

https://cointelegraph.com/news/figure-technology-files-nasdaq-ipo-in-us

[2] Reuters

https://www.reuters.com/business/blockchain-lender-figure-technology-reveals-revenue-surge-us-ipo-filing-2025-08-18/

[3] Business Wire

https://www.businesswire.com/news/home/20250818159849/en/Figure-Technology-Solutions-Inc.-Files-Registration-Statement-for-Proposed-Initial-Public-Offering

[5] The Block

https://www.theblock.co/post/367364/figure-technology-publicly-files-ipo

[6] SEC Filing

[7] Cointelegraph

[8] SEC Filing

[9] Business Wire

[10] TheBlock

[11] Reuters