After Successful IPOs of Bullish and eToro, Crypto Lender Figure Also Seeks Wall Street Debut

Blockchain lender Figure Technology Solutions filed for a U.S. initial public offering this week, revealing strong financial performance as the blockchain lender joins a growing wave of crypto companies heading to Wall Street.

Figure Technology Files for IPO Amid Crypto Market Rally

The New York-based firm's revenue jumped 22.4% to $191 million in the first half of 2025, while swinging to a $29 million profit from a $13 million loss in the same period last year. The results underscore how blockchain-focused financial companies are capitalizing on renewed investor interest in digital assets.

Figure's IPO filing comes as crypto firms are flooding public markets at an unprecedented pace. The company joins recent filers including the Winklevoss twins' Gemini exchange, which submitted its paperwork last week, and stablecoin issuer Circle, whose successful debut has emboldened other digital asset players.

The crypto IPO pipeline has swelled this year with trading platforms eToro and Bullish already completing successful debuts, creating what industry observers describe as the most active period for digital asset public offerings in years.

"Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO but also through deSPAC transactions," Josef Schuster, CEO of IPOX told Reuters, referring to companies going public through blank-check mergers.

Figure Technology Solutions - Key Performance Indicators

Traditional Lending Moves to Blockchain

Figure's business model centers on bringing traditional financial products onto blockchain infrastructure. Co-founded in 2018 by technology entrepreneur Mike Cagney, the platform handles lending, trading and investing across consumer credit and digital assets. The company and its 160-plus partners have originated more than $16 billion in home equity loans.

Cagney sees blockchain technology as transformative for capital markets beyond just cryptocurrency trading.

"Blockchain can do more than disrupt existing markets. By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such," he said in the filing.

The former SoFi co-founder will retain majority voting control of Figure after the offering. Both Figure and existing shareholders plan to sell stock in the deal, though specific terms weren't disclosed.

Pro-Cryptocurrency Trump Administration Supports IPO Decisions

Political winds have shifted favorably for crypto companies seeking public listings. The Trump administration's supportive stance toward digital assets has created a more welcoming regulatory environment, encouraging firms that previously hesitated to pursue IPOs.

Figure last raised capital in 2021, securing $200 million at a $3.2 billion valuation during the height of the previous crypto boom. The company plans to list on Nasdaq under the ticker "FIGR," with Goldman Sachs, Jefferies and BofA Securities serving as lead underwriters.

The IPO represents just the beginning of Figure's broader ambitions. "The IPO is one step in a long process to bring blockchain to all aspects of capital markets," Cagney noted in the filing.

The broader crypto IPO wave also reflects changing investor sentiment toward blockchain technology and digital assets. After years of regulatory uncertainty and market volatility, institutional investors appear more willing to back crypto-related public companies with proven business models and solid financials.