Blockchain
lender Figure Technology Solutions filed for a U.S. initial public offering this
week, revealing strong financial performance as the blockchain lender joins a
growing wave of crypto companies heading to Wall Street.
Figure Technology Files
for IPO Amid Crypto Market Rally
The New
York-based firm’s revenue
jumped 22.4% to $191 million in the first half of 2025, while swinging to a
$29 million profit from a $13 million loss in the same period last year. The
results underscore how blockchain-focused financial companies are capitalizing
on renewed investor interest in digital assets.
Figure’s
IPO filing comes as crypto firms are flooding public markets at an
unprecedented pace. The company joins recent filers including the Winklevoss
twins’ Gemini exchange, which
submitted its paperwork last week, and stablecoin issuer Circle, whose successful
debut has emboldened other digital asset players.
The crypto
IPO pipeline has swelled this year with trading
platforms eToro and Bullish
already completing successful debuts, creating what industry observers
describe as the most active period for digital asset public offerings in years.
“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,” Josef Schuster,
CEO of IPOX told Reuters, referring to companies going public through
blank-check mergers.
Figure Technology
Solutions – Key Performance Indicators
Traditional Lending Moves
to Blockchain
Figure’s
business model centers on bringing traditional financial products onto
blockchain infrastructure. Co-founded in 2018 by technology entrepreneur Mike
Cagney, the
platform handles lending, trading and investing across consumer credit and
digital assets. The company and its 160-plus partners have originated more than
$16 billion in home equity loans.
Cagney sees
blockchain technology as transformative for capital markets beyond just
cryptocurrency trading.
“Blockchain
can do more than disrupt existing markets. 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,”
he said in the filing.
The former SoFi
co-founder will retain majority voting control of Figure after the offering.
Both Figure and existing shareholders plan to sell stock in the deal, though
specific terms weren’t disclosed.
Pro-Cryptocurrency Trump
Administration Supports IPO Decisions
Political
winds have shifted favorably for crypto companies seeking public listings. The Trump
administration’s supportive stance toward digital assets has created a more
welcoming regulatory environment, encouraging firms that previously hesitated
to pursue IPOs.
Figure last
raised capital in 2021, securing $200 million at a $3.2 billion valuation
during the height of the previous crypto boom. The company plans to list on
Nasdaq under the ticker “FIGR,” with Goldman Sachs, Jefferies and
BofA Securities serving as lead underwriters.
The IPO
represents just the beginning of Figure’s broader ambitions. “The IPO is
one step in a long process to bring blockchain to all aspects of capital
markets,” Cagney noted in the filing.
The broader
crypto IPO wave also reflects changing investor sentiment toward blockchain
technology and digital assets. After years of regulatory uncertainty and market
volatility, institutional investors appear more willing to back crypto-related
public companies with proven business models and solid financials.
This article was written by Damian Chmiel at www.financemagnates.com.
Source link
-1024x768.jpg "Red Snapper Used as Cudgel by Fed Judge")
-1024x683.jpg "A Big Win for Trump in The Senate")
