Blockchain-powered lender Figure Technology has filed to go public on a U.S. stock exchange. The move follows a strong financial period, with the company’s revenue reportedly surging 22% in the first half of 2025.
On Monday, Figure Technology Solutions, a blockchain-based lender co-founded by Mike Cagney, the former CEO of SoFi, filed for an initial public offering.
The blockchain firm is the most recent in a number of crypto-focused organizations considering a public listing.
Figure Reports 22% YoY Growth
The New York-based company reported in a filing with the US Securities and Exchange Commission (SEC) that its revenue increased by 22% yearly to $191 million during the first half of 2025. Additionally, Figure Tech disclosed a net income of $29.1 million.
In the same period a year ago, the company experienced a net loss of $15.6 million on revenue of $12.5 million.
The company’s Class A common stock will be listed on the Nasdaq under the ticker ‘FIGR’ during the initial public offering. The primary underwriters are Bank of America Corp., Jefferies Financial Group Inc., and Goldman Sachs Group Inc.
FIGR Prepares for a Significant Debut and IPO
Figure, a company specializing in developing blockchain technology to facilitate loans, initially disclosed its IPO intentions at the beginning of this month. Momentum has since been building. The company confidentially submitted a draft registration statement to the SEC for a proposed IPO of its equity securities.
The IPO filing is in conjunction with Figure’s ongoing endeavors to introduce an interest-bearing stablecoin regulated as a security in the United States.
The 2024-2025 bull market has also particularly appealed due to many industry-specific initial public offerings. Bullish, a cryptocurrency exchange operator, made a remarkable début by pricing its initial public offering at $37 per share, valuing the exchange at $5.4 billion, and raising $1.1 billion.
Circle, a stablecoin issuer, and Figma, a Bitcoin-friendly design platform, were previously publicized. Circle intends to introduce a national trust charter.
In the Monday filing, Cagney stated that the IPO is merely one step in a lengthy process to integrate blockchain technology into all facets of capital markets. He also emphasized that blockchains have the potential to disrupt existing markets.
“By transferring historically illiquid assets, such as loans, and their performance histories to the blockchain, blockchain can introduce liquidity to markets that have never experienced it,” he continued.
Figure Technologies raised $200 million in a funding round in 2021, with a valuation of $3.2 billion.
