Figure Technologies, a blockchain-driven lending company founded by SoFi co-founder Mike Cagney, has officially filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). The move positions Figure among a growing wave of crypto-related firms turning to public markets as digital assets continue to reshape financial services.
A Bid for the Public Markets
The company plans to list its Class A common shares on the Nasdaq under the ticker symbol FIGR. Leading Wall Street banks Goldman Sachs, Jefferies, and BofA Securities will serve as the joint lead underwriters, underscoring the seriousness of Figure’s push into equity markets.
For Cagney, who co-founded online personal finance giant SoFi before launching Figure in 2018, the IPO represents the culmination of years of work building blockchain-powered financial products. The firm operates on the Provenance Blockchain, designed to streamline processes such as loan origination, payments, and asset securitization.
Past Attempts at Market Entry
Figure’s path to the public markets has not been straightforward. In 2021, the company launched a special purpose acquisition company (SPAC) called Figure Acquisition Corp. I, raising $250 million. The SPAC was intended to acquire growth-stage businesses while leveraging Provenance’s efficiency. However, despite the raise, the deal did not result in Figure itself going public.
This latest filing signals a fresh strategy to tap public capital directly, aligning with the recent uptick in IPOs across the digital asset sector.
The Regulatory and Market Landscape
The backdrop for Figure’s listing comes as U.S. regulators adopt a more measured stance toward digital assets. A friendlier climate during the Trump administration, coupled with buoyant cryptocurrency and equity markets, helped encourage firms to seek listings.
The crypto industry has already seen other major entrants into equity markets. Among them is Bullish, the digital asset exchange that owns CoinDesk, which also recently pursued a U.S. listing. Such moves reflect how blockchain firms are increasingly seeking mainstream financial validation through public capital markets.
Merger With Figure Markets
Just last month, Figure merged with Figure Markets, another blockchain-based venture founded by Cagney. Figure Markets operates as a digital trading platform and has introduced YDLS, a yield-bearing stablecoin structured as a tokenized money market fund.
The merger adds further depth to Figure’s portfolio, expanding its presence beyond lending into tokenized markets and stablecoin infrastructure. This diversification may bolster investor confidence as the company looks to tap into multiple growth areas within decentralized finance.
Financial Performance
Financial data disclosed in the IPO filing paints a picture of growth and recovery. For the first half of 2025, Figure reported revenues of $190.6 million, reflecting a 22.4% increase compared with the same period in 2024.
More strikingly, the company posted net income of $29 million, a sharp turnaround from the $13 million loss recorded in the first half of the prior year. The return to profitability highlights Figure’s ability to scale its business while cutting costs and improving efficiency—a key selling point for prospective investors.
Use of IPO Proceeds
According to the SEC filing, proceeds from the IPO will be allocated toward working capital and potential acquisitions. Importantly, the company has no plans to issue dividends, signaling that reinvestment into growth remains the priority.
Analysts note that Figure’s strategy aligns with other tech-forward firms that prefer to channel funds into expansion rather than immediate shareholder payouts. Potential acquisition targets could further expand Figure’s reach in decentralized lending, payments, and tokenized asset markets.
What the IPO Means for the Crypto Sector
If successful, Figure’s IPO would mark one of the most high-profile blockchain finance listings to date. Beyond raising capital, the listing is likely to serve as a bellwether for how traditional markets view blockchain-powered lending models.
For investors, the IPO offers a chance to gain exposure to a company that blends traditional financial services with blockchain innovation—a hybrid model that could shape the next generation of digital finance.
Looking Ahead
The success of Figure’s IPO bid will depend on market sentiment and regulatory clarity in the months ahead. With strong revenue growth, a recent return to profitability, and expansion into tokenized financial products, Figure appears better positioned than during its earlier SPAC attempt.
As digital asset companies increasingly seek validation from public markets, Figure’s journey underscores both the opportunities and hurdles that lie at the intersection of finance and blockchain technology. Whether FIGR becomes a leading name on the Nasdaq will now rest in the hands of investors.
