Figure Technology files for Nasdaq IPO after 22% revenue surge

Blockchain lender Figure Technology Solutions has filed to go public on Nasdaq, following a strong first half of 2025 marked by revenue growth and a return to profitability.

The New York-based firm disclosed the plan in a Securities and Exchange Commission filing on Monday, 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, a 22.4% increase from last year. The company also posted a $29 million profit, rebounding from a $13 million loss during the first half of 2024. The results reflect growing demand for blockchain-based lending and financial services. Since its founding in 2018, Figure has originated over $16 billion in home equity loans.

Figure’s IPO filing emphasized that its blockchain platform allows it to introduce liquidity to traditionally illiquid markets. The company aims to reduce costs and expand access to financial products by tokenizing assets such as loans.

Figure Technology joins crypto IPO wave

Figure’s IPO is the latest wave of interest in digital asset companies accessing public markets in 2025. Circle, which contains a stablecoin called USDC, staged in January one of the largest stock offerings by a company in the crypto industry, indicating strong investor appetite despite turbulence across broader markets.

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

This momentum, market watchers say, has been fueled by a change in the regulatory climate. Officials of the Trump administration have been relatively friendly toward digital assets, helping to clear up some of the uncertainty that had hung over businesses involving cryptocurrencies in prior years. Regulations on innovation and investment in blockchain have thus made it easier for enterprises to raise public funding.

This atmosphere is remaking Wall Street’s relationship with crypto. Traditional banks, which once shunned blockchain startups, are now committing to underwriting IPOs, offering custody solutions, and backing financing rounds. Three other underwriters on Figure’s IPO, Goldman Sachs, Jefferies, and Bank of America Securities, are also broadening digital asset services offered.

Analysts noted that the current wave of listings could shape how investors value blockchain companies going forward. Josef Schuster, the founder of IPOX, said crypto was becoming one of the main pillars of the IPO market and added that, in addition to IPOs, several firms were also pursuing de-SPAC mergers as a quicker route to access capital markets.

With Circle’s blowout debut and Gemini’s filing grabbing attention, Figure is entering a market where crypto firms are no longer fringe players. They are becoming one of the fastest-growing categories in US listings, rivaling tech and biotech in size and momentum.

Figure aims for IPO with strong leadership and blockchain-focused growth

Figure was co-founded in 2018 by Mike Cagney, the prominent fintech entrepreneur who once ran SoFi. Cagney has been an early mover in popularising disruptive fintech for mainstream audiences. Under his leadership at Figure, the company has been among the most aggressive blockchain lenders in the United States.

According to a prospectus filed with the IPO, its chairman and chief executive, Kevin Cagney, will have majority voting control once listed. This dual-class share structure will let him remain in control of company strategy, as tech founders at Google and Meta did after their companies went public. Investors say that this structure empowers Cagney to keep the company on a long-term track but also begs questions about shareholder control.

Figure had raised $200 million seven months ago, in 2021, placing it at a $3.2 billion valuation. The company has not disclosed how much it intends to be valued in the IPO, but analysts anticipate high demand, with the firm back in the black and at the intersection of fintech and blockchain.

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