Blockchain lender Figure Technology Solutions has initiated the process for a U.S. initial public offering (IPO), showcasing impressive financial results as it becomes part of the increasing trend of cryptocurrency firms moving towards public markets.
### Figure Technology Pursues IPO Amid Crypto Market Surge
Based in New York, Figure Technology reported a revenue increase of 22.4%, reaching $191 million in the first half of 2025. This marks a significant turnaround, with the company achieving a profit of $29 million compared to a loss of $13 million during the same timeframe last year. These outcomes highlight how companies focusing on blockchain are benefitting from a resurgence of interest in digital assets among investors.
The IPO application from Figure Technology arrives at a time when cryptocurrency businesses are making a notable entrance into public markets. The company is among several recent applicants, including the Gemini exchange founded by the Winklevoss twins, which filed its paperwork last week, and Circle, a stablecoin issuer that has successfully launched its public offering, inspiring other companies in the digital asset space.
The influx of crypto IPOs has surged this year, with trading platforms eToro and Bullish already completing prosperous public debuts. Analysts are describing this period as one of the most active for digital asset public offerings in recent years. “Cryptocurrency is becoming a significant component of the IPO landscape, with more transactions anticipated through traditional IPOs as well as deSPAC deals,” stated Josef Schuster, CEO of IPOX, referring to public listings achieved through mergers with special purpose acquisition companies.
### Figure Technology Solutions – Key Performance Metrics
| Metric | H1 2025 | H1 2024 | 2023 | 2022 | Change (%) |
|————————————–|————|————|————|————|——————|
| Total Net Revenue ($000s) | $190,587 | $156,023 | $340,885 | $209,549 | +22.1% |
| Total Expenses ($000s) | $154,791 | $172,121 | $331,650 | $258,987 | -10.1% |
| Operating Income (Loss) ($000s) | $35,796 | $(16,098) | $9,235 | $(49,438) | +322.4% |
| Net Income (Loss) ($000s) | $29,381 | $(13,400) | $19,915 | $(52,443) | +319.3% |
### Traditional Lending Transitions to Blockchain
Figure Technology’s business strategy revolves around integrating conventional financial services with blockchain technology. Co-founded in 2018 by entrepreneur Mike Cagney, the platform facilitates lending, trading, and investment in both consumer credit and digital assets. With over 160 partnerships, the company has originated more than $16 billion in home equity loans.
Cagney envisions blockchain’s potential to revolutionize capital markets beyond mere cryptocurrency transactions. “Blockchain can provide more than just disruption to pre-existing markets. By transferring historically illiquid assets, such as loans, onto the blockchain along with their performance data, we can introduce liquidity to markets that have traditionally lacked it,” he explained in their IPO filing.
Following the IPO, Cagney, a former co-founder of SoFi, will maintain majority voting power within Figure. Both the company and its existing shareholders are expected to sell shares, although specific details regarding the offering have yet to be revealed.
### Supportive Political Environment for Crypto IPOs
The political landscape has shifted positively for cryptocurrency firms aiming for public listings. The pro-digital asset stance of the Trump administration has fostered a more favorable regulatory climate, encouraging companies that had previously been reluctant to pursue IPOs.
Figure Technology’s last capital raise occurred in 2021, where it secured $200 million at a valuation of $3.2 billion during the peak of the last cryptocurrency boom. The firm plans to be listed on Nasdaq under the ticker symbol “FIGR,” with Goldman Sachs, Jefferies, and BofA Securities acting as lead underwriters.
This IPO marks only the initial phase of Figure’s larger vision. “This IPO is the first step in a lengthy journey to integrate blockchain across all facets of capital markets,” Cagney stated in the filing.
The broader wave of cryptocurrency IPOs also signifies a shift in investor attitudes towards blockchain technology and digital assets. After enduring years of regulatory ambiguity and market fluctuations, institutional investors seem increasingly inclined to support publicly traded crypto companies with established business models and robust financial health.
