(Reuters) -Figure Technology Solutions’ revenue surged 22% in the first half of 2025, the blockchain lender disclosed on Monday in its U.S. initial public offering paperwork, the latest crypto-linked firm set to hit the new listings market.
A crypto-friendly environment under the Trump administration and the blowout debut of stablecoin issuer Circle have set the stage for a flurry of listings from the digital asset industry.
Figure joins a growing list of crypto players looking to tap public markets this year. Winklevoss twins’ crypto exchange, Gemini, also filed for New York IPO last week.
Figure’s revenue surged 22.4% to $191 million in the six months ended June 30. The company reported a profit of $29 million, compared with a loss of $13 million in the same period a year earlier.
The New York-based company and some of its existing stockholders will sell shares in the offering.
“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,” said IPOX CEO Josef Schuster said, referring to companies going public through blank-check mergers.
BLOCKCHAIN LENDING
Figure, co-founded in 2018 by technology entrepreneur Mike Cagney, is a blockchain-native platform that powers lending, trading, and investing in areas such as consumer credit and digital assets.
The company and its more than 160 partners have originated over $16 billion of home equity to date.
“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,” Cagney said in the filing.
“The IPO is one step in a long process to bring blockchain to all aspects of capital markets.”
Cagney, who was also the co-founder of fintech SoFi, will continue to control a majority of Figure’s voting power after the offering.
In 2021, Figure raised $200 million in a funding round at a $3.2 billion valuation.
Goldman Sachs, Jefferies and BofA Securities are the lead underwriters. Figure will list on the Nasdaq under the symbol “FIGR”.
(Reporting by Arasu Kannagi Basil and Ateev Bhandari in Bengaluru; Editing by Maju Samuel)
