Blockchain-based lender Figure Technology Solutions has officially filed for an initial public offering (IPO) in the U.S., joining a wave of crypto companies entering the public markets.
The New York-based firm intends to list on Nasdaq under the ticker “FIGR,” with Goldman Sachs, Bank of America, and Jefferies Financial Group leading the offering. According to a filing with the Securities and Exchange Commission on Monday, some existing shareholders will also be selling shares as part of the IPO.
Earlier this month, Figure had confidentially submitted its IPO plans, joining a surge of crypto-focused companies seeking public listings amid a favorable regulatory environment under the Trump administration, and following the successful IPO of stablecoin issuer Circle Internet Group.
The filing follows strong financial results for the first half of 2025. Figure reported revenue of nearly $191 million, marking a more than 22% increase from the previous year, and posted a profit of $29 million, reversing a $13 million loss from the prior period.
Figure valued at $3.2 billion
Figure was co-founded in 2018 by Mike Cagney, the entrepreneur behind Provenance—a layer-1 blockchain focused on asset tokenization—and SoFi, one of the largest online lenders in the U.S.
The company provides a blockchain-based platform for lending, trading, and asset tokenization on Provenance. In its 2021 Series D funding round, Figure raised $200 million, giving it a valuation of $3.2 billion.
In its filing, Figure disclosed that it has originated more than $16 billion in blockchain-based loans and executed over $50 billion in on-chain transactions.
“Blockchain can do more than disrupt existing markets,” co-founder Mike Cagney said in the filing. “By taking historically illiquid assets—such as loans—and putting them and their performance history on-chain, blockchain can bring liquidity to markets that have never had it.”
Cagney noted that traditional financial services rely heavily on intermediaries, with “massive companies and enormous market capitalizations built around this rent-seeking.”
“Blockchain has the power to streamline these multiparty marketplaces down to just two participants: buyer and seller. All the rent-seeking disappears,” he added.
US sees rush of crypto IPOs
In recent weeks, several crypto companies have either gone public or filed for U.S. listings. Crypto exchange and CoinDesk owner Bullish debuted on the NYSE on Wednesday, Aug. 13, with its stock surging more than 200%.
Other firms joining the trend include crypto exchange Gemini, which has filed for an IPO, as well as crypto custodian BitGo and crypto exchange-traded fund issuer Grayscale. Meanwhile, crypto exchange Kraken is widely rumored to be planning a public debut next year.
