Blockchain-based lender Figure Technology Solutions has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking to list on the Nasdaq under the ticker FIGR. The public filing, made on August 18, 2025, positions Figure among the most closely watched fintech IPOs of the year.
In its filing, Figure disclosed revenue of approximately $191 million for the first half of 2025, a 22.4% increase compared to the same period in 2024. The company also reported a net profit of $29 million, marking a significant turnaround from a loss of roughly $13-15 million during the prior year. This profitability milestone underscores the growing adoption of Figure’s blockchain-native lending and trading platform, which offers alternatives to traditional financial channels.
The IPO will be underwritten by a consortium of major investment banks including JPMorgan, Jefferies, and Bank of America Securities. While the company has not publicly disclosed the exact size of the offering, analysts at Renaissance Capital estimate the IPO could raise up to $400 million, depending on market conditions. Proceeds are expected to be used for general corporate purposes, though specifics have not yet been detailed.
Figure’s IPO filing comes at a time when investor appetite for digital-asset firms is strengthening, particularly as blockchain-based financial services gain credibility in mainstream markets. Its successful swing into profitability may provide reassurance for potential investors cautious after years of volatility in the broader crypto industry.
Founded in 2018 by Mike Cagney, co-founder of SoFi, and June Ou, Figure has built a capital marketplace designed to leverage blockchain technology for efficiency and transparency. The platform specializes in originating home equity loans, facilitating asset-backed financing, and enabling the trading and tokenization of loans and securities.
Since inception, Figure has originated more than $16 billion in home equity loans and processed over $50 billion in on-chain transactions. Its Provenance Blockchain has been central to enabling these services, providing an immutable and transparent ledger for financial transactions.
The company’s 2021 funding round raised $200 million at a valuation of approximately $3.2 billion, drawing participation from high-profile institutional investors. The forthcoming IPO will be closely watched as a gauge of public market sentiment toward blockchain-driven fintech solutions.
Figure’s decision to pursue a public listing aligns with a broader wave of digital finance companies entering U.S. capital markets. Recent moves by Circle, Bullish, and Gemini highlight growing institutional confidence in blockchain infrastructure as a foundation for the next generation of financial services. By filing for an IPO, Figure is positioning itself not only as a lender but also as a key infrastructure player bridging traditional finance with blockchain-native systems.
Looking ahead, Figure intends to expand its product suite and strengthen its position in both lending and capital markets infrastructure. While the company has yet to reveal detailed plans for its IPO proceeds, industry observers expect investments in technology, customer acquisition, and international expansion.
The IPO marks a significant step for Figure, which is seeking to transition from a high-growth private fintech into a publicly traded company capable of competing with both traditional lenders and emerging blockchain platforms. Its financial performance in 2025 suggests momentum is building, but the offering will also test broader investor confidence in blockchain-based financial innovation.
