Figure Technology Solutions, a blockchain-based lending company, has officially filed for an initial public offering (IPO) in the US. The company is stepping into the public market alongside other crypto players looking for their big break. In my opinion, the crypto world’s rush to go public feels like a gold rush; everyone wants in, and it’s about time the blockchain-based lending sector gets its turn.
The New York-based company plans to list on Nasdaq under the ticker "FIGR" and has roped in some big names like Goldman Sachs, Bank of America, and Jefferies Financial Group to lead the IPO. Some of Figure’s existing shareholders will also be parting ways with their shares in the offering, according to the company’s filing on Monday with the Securities and Exchange Commission (SEC).
Earlier this month, Figure hinted at its intentions with a confidential filing, aligning itself with a growing trend of crypto companies eyeing a public debut under the crypto-friendly Trump administration. Let’s not forget the remarkable IPO from Circle Internet Group, which gave crypto companies a confidence boost to follow suit.
Profit Surge and Strong Earnings
Figure is riding high after a solid first half of 2025. The company posted impressive revenue of $191 million, marking a 22% increase from the previous year. And here's the kicker: it went from a $13 million loss to a profit of $29 million. I’d say that’s pretty impressive for a company still finding its feet in the public market.
Valuation and Background
Founded in 2018 by Mike Cagney, the same mind behind fintech giant SoFi, Figure is shaking up the lending and blockchain sectors. The company, which operates on its Provenance blockchain platform, was valued at $3.2 billion during its 2021 Series D funding round, raising $200 million in the process. This makes it one of the most valuable players in blockchain-based lending.
In the filing, Figure announced that it has originated over $16 billion in blockchain-based loans and completed over $50 billion in on-chain transactions. That’s a serious scale of business for a company that’s only been around for a handful of years. Cagney’s vision for blockchain? He believes it’s not just about shaking up markets but making them more liquid by putting historically illiquid assets like loans on-chain.
“Blockchain can do more than disrupt existing markets,” he said. “By taking historically illiquid assets—such as loans—and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such.”
I have to agree with him, blockchain is more than just a buzzword. It’s a game-changer.
The Crypto IPO Frenzy
The rush of crypto IPOs is undeniable. Companies like Bullish, the crypto exchange behind CoinDesk, have already made a splash with their NYSE listing in August 2025, with its stock soaring over 200%. Meanwhile, crypto exchange Gemini has filed for its IPO, along with crypto custodian BitGo and ETF issuer Grayscale. Even Kraken has been rumored to be planning its IPO next year. It’s safe to say the crypto industry is more than ready to join the traditional finance world.
Kristian Koch
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