Mike Cagney's Blockchain Empire Seeks Public Market Rebirth

Blockchain-based lender Figure Technology Solutions Inc. is advancing toward a public listing after formally filing its initial public offering (IPO) documents with the U.S. Securities and Exchange Commission (SEC). The New York City-based company, which leverages blockchain technology to streamline its lending processes, reported strong financial growth in the six months ending June 30, with net income of $29.1 million on revenue of $190.6 million. This marks a significant improvement from the same period in 2024, when the company posted a net loss of $15.6 million on revenue of $156 million [1].

Figure had previously filed confidentially for an IPO earlier this month, with a 2021 venture-backed funding round valuing the company at $3.2 billion [1]. The company was co-founded in 2018 by Mike Cagney, known for his role in establishing SoFi Technologies Inc. Cagney stepped down as CEO in 2018 and has since focused on strategic development at Figure. The company appointed Michael Tannenbaum as CEO in 2024, marking a leadership shift following prior regulatory and organizational changes [3].

The company’s operations span multiple financial services, including home equity line of credit (HELOC) products, crypto-backed loans, and a digital asset exchange. As of the IPO filing, Figure has facilitated over $16 billion in blockchain-secured loans. Its customers for partner-branded HELOC loans in 2024 had a weighted average FICO score of 753, slightly higher than the 740 score for Figure-branded loans [1]. The firm is also exploring the use of artificial intelligence to improve loan evaluations, including leveraging OpenAI’s technology and a chatbot powered by Google Gemini [1].

Figure’s IPO is being led by Goldman Sachs Group Inc., Jefferies Financial Group Inc., and Bank of America Corp., with the shares expected to trade on Nasdaq under the ticker symbol “FIGR” [2]. The company plans to change its name to Figure Technology Solutions after the IPO, which is currently registered as FT Intermediate Inc. [1]. The IPO filing comes as part of a broader trend of crypto-related firms seeking public market exposure, with recent successes including Circle Internet Group and Bullish [3].

Investors in Figure include prominent financial institutions such as Apollo Global Management, 10T Holdings LLC, and Ribbit Capital. Post-IPO, Mike Cagney is expected to retain a majority of the company’s voting power [1]. The company has faced regulatory scrutiny in the past, including a withdrawn application for a U.S. national bank charter in 2020 [3]. Despite these challenges, Figure has expanded into new markets, including cryptocurrency-backed loans and real-world asset tokenization [3].

The IPO filing is seen as a pivotal moment for Cagney, who previously led SoFi to a successful SPAC merger in 2021 [3]. The broader market environment, supported by favorable regulatory developments and investor appetite for crypto-related ventures, is likely to play a key role in the success of the offering.

Source:

[1] Blockchain-Based Lender Figure Files Publicly for IPO (https://www.bloomberg.com/news/articles/2025-08-18/blockchain-based-lender-figure-technology-files-publicly-for-ipo)

[2] Blockchain lender Figure Technology makes US IPO filing ... (https://www.reuters.com/business/blockchain-lender-figure-technology-makes-us-ipo-filing-public-2025-08-18/)

[3] Figure's IPO filing marks Mike Cagney's return to public ... (https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/)