Figure Technology Files for IPO as Crypto Firms Pursue Public Market Access

Figure Technology Solutions, a fintech firm specializing in blockchain-based financial services, has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering, positioning itself within a broader trend of cryptocurrency-related companies seeking entry into traditional financial markets. The company revealed its IPO plans on Monday, with the offering expected to take place in 2025, though the number of shares and pricing range remain undetermined, pending market conditions and the SEC review process [1].

The filing leverages a new SEC rule that allows for confidential pre-filing, enabling companies to prepare public offerings without prior public disclosure. This move aligns with a growing wave of crypto firms pursuing traditional IPOs, a trend seen as an indicator of increasing institutional interest and capital inflow into the sector. By accessing public markets, these firms gain additional avenues for raising capital, a strategy previously adopted by figures such as Michael Saylor’s MicroStrategy, which has integrated cryptocurrencies into its corporate treasury and capital allocation strategies [1].

Figure Technology has positioned itself as a leader in blockchain financial innovation. It operates the Provenance Blockchain, a public proof-of-stake platform developed in 2018, designed specifically to address challenges related to data control in financial services. The platform offers services such as blockchain-based lending and the tokenization of real-world assets (RWA), aiming to bridge digital and traditional finance [1].

In March 2024, Figure announced it had surpassed $30 billion in on-chain loans and securities transactions. This milestone followed a $60 million Series A funding round to launch Figure Markets, a platform envisioned as an “everything exchange” for digital assets, tokenized stocks, and securities [1].

The broader trend of crypto firms pursuing IPOs has been further reinforced by the success of Circle, the issuer of stablecoin USDC, which raised over $1.05 billion in its 2024 debut on the New York Stock Exchange. Circle’s IPO, which valued the company at $6.9 billion, has been seen as a potential catalyst for a renewed wave of crypto-related IPOs in 2025 [1].

Following Circle’s public offering, other crypto firms have also filed confidentially with the SEC. Grayscale, a crypto-focused asset manager, submitted its IPO filing in July, according to Cointelegraph. Additionally, Bullish, a crypto exchange operator and media company, plans to raise up to $629 million through its IPO, targeting a $4.2 billion valuation [1].

The trend highlights an ongoing convergence between traditional finance and the crypto sector, with public market access seen as a strategic step for growth and legitimacy. As more blockchain firms seek public listings, the industry may see further integration with conventional financial systems, potentially attracting a broader range of investors.

Source:

[1] Blockchain-focused Figure Technology joins crypto IPO wave with SEC filing – [https://cointelegraph.com/news/blockchain-lender-figure-technology-ipo-filing](https://cointelegraph.com/news/blockchain-lender-figure-technology-ipo-filing)