Figure Technology Submits Confidential IPO Filing as Crypto Companies Rush to Public Markets

Figure Technology Solutions has confidentially submitted a draft registration statement with the SEC for a proposed initial public offering (IPO) of its equity securities, expected to launch in 2025.

According to an official press release, the blockchain-focused financial technology company has not yet determined the number of shares to be offered or the price range for the proposed listing.

The filing coincides with Figure’s simultaneous pursuit of regulatory approval for what would become the first interest-bearing stablecoin regulated as a security within the United States.

The confidential SEC filing is yet another significant milestone for Figure, which has been developing blockchain-based financial products since its founding under Cagney’s leadership.

Company founder and former SoFi CEO Mike Cagney confirmed the filing through social media, signaling the company’s readiness to pursue public market capital.

I know it's been discussed by others, but here it is from the source. Boom. https://t.co/IRjVvEy72R

The IPO filing builds on Figure’s ongoing efforts to introduce an interest-bearing stablecoin that would operate as a regulated security under U.S. law.

Figure filed its initial draft registration statement for this stablecoin project in October through its subsidiary, Figure Certificate Co., seeking to register the tokens as “face-amount certificates.”

The proposed stablecoin would break from traditional models by offering 1 cent redemption value per certificate rather than the standard 1:1 dollar peg, meaning 100 certificates would equal $1.

Interest would accrue daily and be paid monthly to holders, with returns generated from reserves including treasury securities, commercial paper, corporate debt, and other investment-grade assets.

Beyond the stablecoin initiative, Figure is simultaneously pursuing registration of Figure Installment Certificates, an investment product targeting investors who want to earn yields while holding digital assets.

These regulatory filings position Figure to potentially become the first company offering SEC-compliant interest-bearing stablecoins to both retail and institutional U.S. investors.

Figure’s move follows Circle Internet Financial’s spectacular NYSE debut in June, when the USDC stablecoin issuer’s shares surged 160% on their first trading day.

@Circle the company behind the USDC stablecoin, made a dramatic entrance on the NYSE with its shares surging as much as 160% during its trading debut. #Circle #NYSE https://t.co/EJQJ4Yy3m3

That explosive performance appears to have opened the floodgates for crypto companies seeking public market validation and capital.

Within weeks of Circle’s success, Grayscale submitted confidential IPO documents to the SEC as Bitcoin topped $120,000, positioning itself to capitalize on the renewed institutional momentum.

BitGo followed suit with its own filing, leveraging its position as a custody firm managing $100 billion in digital assets to attract public market investors.

Most recently, Peter Thiel-backed crypto exchange Bullish entered the pipeline, targeting a $4.2 billion valuation through its NYSE listing under the ticker BLSH.

Each filing has built upon the precedent Circle established, suggesting that regulated crypto infrastructure companies may have found their moment to access traditional capital markets.

The pattern emerging from these filings reveals companies with strong compliance frameworks and institutional relationships leading the charge toward public listings.

Yet the sustainability of this IPO wave remains uncertain, particularly as the crypto market’s $4 trillion valuation invites questions about whether current enthusiasm can support multiple high-profile public debuts.

The regulatory environment under President Trump’s crypto-friendly administration has certainly provided tailwinds, but market conditions remain volatile enough to challenge even well-positioned companies.

However, Figure’s IPO success will depend on completing the SEC’s review process and favorable market conditions, with the company noting that the offering remains subject to regulatory approval and market factors.

The company’s unique positioning in both stablecoin innovation and yield-generating products could differentiate it from other crypto IPO candidates, though approval for its regulatory-compliant stablecoin remains uncertain.

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