Figure Technology Solutions, a New York-based blockchain lending firm, filed for an initial public offering in the U.S. on Monday, stating it will seek a Nasdaq listing under the ticker FIGR, with Goldman Sachs, Bank of America, and Jefferies Financial Group leading the deal, Bloomberg reported.
The filing with the SEC states that some current shareholders will sell their shares. The company cited strong first-half results and its role in blockchain lending as the reasons for going public.
The filing
The company’s S-1 filing confirms the plan to list on Nasdaq and names the three banks that will run the offering. Some existing backers will put shares up for sale in the deal. Figure had already made a confidential filing earlier this month, the company said.
Figure posted solid numbers for the first half of 2025, and the revenue was about $191 million. That is more than 22% higher than a year earlier, and the company reported a profit of $29 million.
That is a turnaround from a $13 million loss in the prior period, and Figure also said it has originated more than $16 billion in blockchain-based loans and completed over $50 billion in onchain transactions.
Company background
Figure began in 2018, and its co-founder is Mike Cagney, who helped start the Provenance blockchain and the online lender SoFi. Figure’s business centres on lending, trading and tokenising assets on the Provenance chain. In 2021, the firm raised $200 million in a Series D round that valued it at $3.2 billion.
Cagney told regulators in the filing that putting loans and their performance history on a blockchain can make previously illiquid assets tradable.
He argued that this approach can reduce the layers of middlemen that exist in finance today. He said blockchain can simplify marketplaces so that buyers and sellers deal directly, which he views as a core benefit.
How the deal fits the market
Figure joins a group of recent crypto-linked companies that are moving toward public listings in the U.S. The appearance of several new filings and listings follows a wave of optimism among issuers and investors.
Among the other recent moves, Bullish Group priced an upsized IPO at $37 a share and raised about $1.1 billion from 30,000,000 ordinary shares, valuing the company at roughly $5.4 billion.
A month ago, Kraken, a large U.S. crypto exchange by volume, disclosed plans to raise $500 million in new capital at a $15 billion valuation.
In July, BitGo, a major crypto custody provider, quietly submitted a draft registration on Form S-1 as a step toward a future IPO.
Operations and design
Figure said it focuses on asset tokenisation and onchain activity for lending markets. The firm highlighted its track record of loan originations and the total value of transactions it has moved onchain.
Its filing indicates the company intends to use public markets to give investors more liquidity and to support future growth plans.
Risks and shareholder actions
The filing also notes that some existing shareholders will sell shares in the offering. That detail means part of the IPO proceeds may go to those sellers rather than solely to the company.
As with any public offering, the document lists risks tied to market conditions, regulatory shifts and execution of the firm’s strategy.
Community and market reaction
Early reactions from market participants were mixed, and some investors see the offering as a sign that crypto firms continue to pursue traditional capital markets.
Others are cautious and point to the usual IPO risks and the shifting regulatory landscape for crypto businesses.
Figure’s timeline will depend on the SEC review and market conditions. The company and its banks will set a price range and a final date if the review proceeds smoothly. For now, the filing marks a clear step toward a public debut.
Also Read: Grayscale Files Confidential S-1 For U.S. IPO Amid Rising Number Of Crypto Companies Going Public