[Crypto IPO] Figure Technology Follows Circle and Bullish with Nasdaq Listing Plans

Circle Internet Group Inc

TradingKey

AuthorBlock Tao

Aug 19, 2025 7:21 AM

TradingKey – On August 18, U.S.-based blockchain lending firm Figure Technology Solutions Inc. publicly announced it has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Market under the ticker symbol FIGR.

The company has not yet disclosed the number of shares to be offered, pricing range, or expected listing date. The IPO will be underwritten by Goldman Sachs, Jefferies, and Bank of America Securities, joining a growing wave of crypto-native firms entering public markets following the high-profile debuts of Circle (CRCL) and Bullish (BLSH).

About Figure Technology

Founded in 2018 by Mike Cagney, former CEO of SoFi, Figure describes itself as the largest non-bank provider of home equity loans in the U.S. The company operates a blockchain-powered lending platform and crypto exchange, and is the creator of the Provenance Blockchain, designed to tokenize traditionally illiquid assets like loans and securities.

To date, Figure and its partners have originated over $16 billion in home equity and related products. The firm also offers services like Figure Connect (a consumer credit marketplace) and Democratized Prime (an on-chain lending protocol), along with DART, its digital asset registry system.

Financial Performance

According to its SEC filing:

H1 2025 revenue: $43.8 million (vs. $12.5M in H1 2024)
H1 2025 net income: $29.1 million (vs. a net loss of $15.6M YoY)

This marks a significant turnaround and reflects growing demand for blockchain-based financial services.

Funding History

Figure has raised capital across multiple rounds:

$103 million Series C in December 2019 (valuation: $1.2 billion)
$200 million Series D in May 2021 (valuation: $3.2 billion)
$200 million strategic investment from Sixth Street in February 2025

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