Mike Cagney's Blockchain Vision Goes Public with $191M Revenue Surge

Figure Technology Solutions, a blockchain-powered lending platform, has formally filed for an initial public offering (IPO) in the United States, according to a filing with the U.S. Securities and Exchange Commission (SEC) [2]. The company plans to list on the Nasdaq under the ticker symbol “FIGR,” with Goldman Sachs, Jefferies, and Bank of America Securities serving as lead underwriters [1]. The filing marks a significant step for the company amid a broader resurgence in crypto-related IPO activity.

The company reported $191 million in revenue for the six months ending June 30, a 22.4% increase from the same period in 2024. This growth was accompanied by a net profit of $29 million, a sharp turnaround from a $13 million loss in the first half of last year [2]. These figures highlight a shift in the firm’s financial performance, attributed in part to increasing demand for blockchain-based financial services and the expansion of its loan offerings [4]. Since its founding in 2018, Figure has facilitated over $16 billion in home equity loans through its blockchain platform [2].

The IPO filing underscores a broader trend of digital asset firms seeking public market access in 2025. The filing comes on the heels of other notable crypto and blockchain-related listings, including Circle’s recent offering, and the Gemini exchange’s IPO filing [4]. This momentum reflects a changing regulatory landscape under the Trump administration, which has adopted a more favorable stance toward digital assets, helping to reduce uncertainty for blockchain startups [4]. Traditional financial institutions are also adapting, with major banks now underwriting IPOs for blockchain firms and expanding their digital asset services [4].

Figure’s business model is built on leveraging blockchain technology to tokenize financial assets and improve liquidity in traditionally illiquid markets [2]. The company has integrated artificial intelligence into its operations, using OpenAI and Alphabet’s Gemini to assist with loan evaluations and customer interactions [2]. The firm also merged with Figure Markets earlier this year, a blockchain marketplace that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund [3]. The proceeds from the IPO are expected to be used for working capital and potential acquisitions, with no dividends anticipated at this time [3].

Mike Cagney, co-founder of Figure and former CEO of SoFi, remains a key figure in the company’s strategy. According to the IPO filing, Cagney will retain majority voting control after the listing, a structure that mirrors that of tech industry leaders like Google and Meta [4]. The company was valued at $3.2 billion in a 2021 venture-backed funding round and has since seen strong financial performance [2]. Investors include Apollo Global Management, 10T Holdings, and Ribbit Capital [2]. With the IPO, Figure is positioning itself at the intersection of fintech and blockchain, aiming to capitalize on growing investor interest in the sector.

Source:

[1] 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/)

[2] 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)

[3] Figure Joins Crypto IPO Rush With Nasdaq Listing Bid (https://www.coindesk.com/markets/2025/08/19/blockchain-lender-figure-joins-crypto-ipo-rush-with-nasdaq-listing-bid-under-figr)

[4] Figure Technology files for Nasdaq IPO after 22% revenue (https://www.mitrade.com/au/insights/news/live-news/article-3-1049500-20250819)