Figure Tech Files for Nasdaq IPO After 22% Revenue Jump

Blockchain Lender Figure Technology Solutions Files for Nasdaq IPO

Blockchain lender Figure Technology Solutions has taken a significant step toward going public on the Nasdaq, following a strong first half of 2025 characterized by revenue growth and a return to profitability. The New York-based company revealed its plans in a recent filing with the Securities and Exchange Commission (SEC), announcing it will seek to list its shares under the ticker “FIGR.” Goldman Sachs, Jefferies, and Bank of America Securities are set to serve as lead underwriters for the offering.

Figure reported $191 million in revenue for the six months ending June 30, marking a 22.4% increase compared to the same period last year. Additionally, the company posted a $29 million profit, a stark contrast to the $13 million loss recorded during the first half of 2024. These results highlight the growing demand for blockchain-based lending and financial services. Since its inception in 2018, Figure has originated over $16 billion in home equity loans.

The company’s IPO filing emphasizes how its blockchain platform introduces liquidity to traditionally illiquid markets. By tokenizing assets such as loans, Figure aims to reduce costs and expand access to financial products. This approach aligns with broader trends in the fintech industry, where innovation is reshaping traditional financial systems.

A Growing Trend in Crypto-Related IPOs

Figure’s IPO is part of a larger wave of interest in digital asset companies accessing public markets in 2025. For example, Circle, the company behind the stablecoin USDC, made headlines in January with one of the largest stock offerings by a crypto-related firm. This indicates strong investor appetite despite broader market turbulence.

Last week, the Winklevoss twins’ Gemini exchange also filed for an IPO in New York. Analysts anticipate that more blockchain-driven companies—ranging from infrastructure builders to platforms enabling tokenization of virtually any asset—will follow suit in the coming months.

This momentum has been fueled by a shift in the regulatory landscape. Officials under the Trump administration have shown a relatively favorable stance toward digital assets, helping to reduce the uncertainty that previously affected businesses in the cryptocurrency space. As a result, regulations around innovation and investment in blockchain have become more favorable, making it easier for enterprises to raise public funding.

Wall Street's Evolving Relationship with Crypto

This changing environment is reshaping Wall Street’s relationship with cryptocurrency. Traditional banks, which once distanced themselves from blockchain startups, are now actively involved in underwriting IPOs, offering custody solutions, and supporting financing rounds. In addition to the lead underwriters, three other firms—Goldman Sachs, Jefferies, and Bank of America Securities—are expanding their digital asset services.

Analysts believe that the current wave of listings could influence how investors value blockchain companies in the future. Josef Schuster, founder of IPOX, noted that crypto is becoming a key pillar of the IPO market. He also mentioned that several firms are exploring de-SPAC mergers as a faster way to access capital markets.

With high-profile debuts like Circle and Gemini capturing attention, Figure is entering a market where crypto firms are no longer fringe players. They are emerging as one of the fastest-growing categories in U.S. listings, competing with tech and biotech in terms of size and momentum.

Leadership and Strategic Vision

Figure was co-founded in 2018 by Mike Cagney, a prominent fintech entrepreneur who previously led SoFi. Cagney has been a pioneer in popularizing disruptive fintech for mainstream audiences. Under his leadership, Figure has positioned itself as one of the most aggressive blockchain lenders in the United States.

According to the prospectus filed with the IPO, the company’s chairman and CEO, Kevin Cagney, will hold majority voting control once listed. This dual-class share structure allows him to maintain strategic control, similar to how founders at Google and Meta retained influence after their companies went public. While some investors see this as a way to keep the company on a long-term track, others question the implications for shareholder control.

Figure had previously raised $200 million seven months ago, valuing the company at $3.2 billion. Although the firm has not disclosed its intended valuation for the IPO, analysts expect strong demand given its recent profitability and its unique position at the intersection of fintech and blockchain.