Cryptocurrency lending and investing platform Figure Technology Solutions Inc. has officially filed paperwork for a U.S. initial public offering (IPO), positioning itself as the latest player in the crypto sector to pursue entry into the public markets.
The move underscores the rapid momentum of digital asset companies as they look to capitalize on investor demand and favorable market conditions.
According to documents filed with the U.S. Securities and Exchange Commission (SEC), Figure reported impressive financial results for the first half of 2025.
The company generated $191 million in revenue, marking a 22% year-over-year increase. Even more notably, the company swung to profitability, recording a net profit of $29 million, compared with a net loss of $13 million during the same period last year. The turnaround reflects both growing adoption of blockchain-based financial services and strong execution of its business strategy.
Figure’s filing comes amid a surge in IPO activity among crypto-focused firms. In early June, Circle Internet Group, issuer of the world’s second-largest stablecoin, USD Coin (USDC), staged a blockbuster debut on the New York Stock Exchange.
Circle raised more than $1.05 billion in its upsized offering, and its stock price soared an astonishing 168% on its first day of trading. Similarly, Bullish US LLC, another crypto-native company, raised $1.1 billion in an oversubscribed IPO earlier this month. Just last week, Gemini Trust Co. LLC, the exchange founded by the Winklevoss twins, announced its own plans to list publicly in New York.
These listings reflect a clear trend: the convergence of traditional and digital finance. For years, many institutional investors shied away from crypto due to volatility, regulatory uncertainty, and concerns about market maturity.
But with regulatory clarity improving and established financial players backing blockchain projects, more investors now see crypto not only as legitimate but also as a high-growth opportunity.
“Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO, but also through deSPAC transactions,” noted Josef Schuster, CEO of IPOX Schuster LLC, in an interview with Reuters.
Founded in 2018 by Mike Cagney, former co-founder of SoFi Technologies Inc., Figure has emerged as one of the most innovative blockchain-native financial platforms. The company operates a marketplace for decentralized lending, borrowing, trading, and investing.
Its platform allows users to buy and sell tokenized versions of traditional assets, such as loans, bonds, and equities, effectively bringing the efficiencies of blockchain technology to markets long plagued by illiquidity and inefficiency.
At the heart of Figure’s ecosystem is the Provenance Blockchain, a decentralized public ledger that provides transparency and addresses challenges around data control. To date, Figure has originated more than $16 billion in loans and forged over 160 partnerships with financial institutions, asset managers, and technology companies.
Cagney emphasized the transformative potential of blockchain in a statement accompanying the IPO filing:
“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. The IPO is one step in a long process to bring blockchain to all aspects of capital markets.”
Figure’s upcoming IPO will also provide liquidity for investors who backed the company in earlier funding rounds. In 2021, the firm raised $200 million at a $3.2 billion valuation.
While some shares will be newly issued by the company, existing shareholders will also sell a portion of their stakes. Importantly, Cagney will maintain majority control of the company’s voting power even after the listing, ensuring continuity in leadership and strategic direction.
The IPO is being underwritten by a consortium of leading financial institutions, including Goldman Sachs, Jefferies, and Bank of America Securities. Figure plans to list on the Nasdaq Exchange under the ticker symbol “FIGR”, though details regarding the number of shares to be offered and the pricing range have not yet been disclosed.
As Figure prepares for its debut, market observers will be watching closely to see whether it can replicate the strong post-listing performances of Circle and Bullish. Regardless, the company’s IPO marks another significant milestone in the broader story of crypto’s integration into mainstream finance.
