- Figure Technology Solutions aims to raise $526 million through an IPO, targeting a $4.3 billion valuation
- The blockchain IPO trend continues, with Gemini and Kraken also preparing for public listings
- Bullish and Circle made successful IPO debuts, with the latter achieving a market cap of $30 billion
Figure Technology Solutions, a blockchain-focused lender, is set to raise $526 million in its upcoming initial public offering (IPO). This marks the latest in a growing wave of crypto and blockchain firms going public, capitalizing on the bull market.
According to Bloomberg report regulatory filings made public on Tuesday, Figure plans to sell 21.5 million shares in the $18 to $20 price range. Additionally, 4.9 million shares will be sold by existing shareholders. If the company hits the top end of the pricing range, its IPO will value the firm at approximately $4.3 billion.
Figure had first signaled its intention to go public last month, filing confidentially with regulators before submitting a formal Securities and Exchange Commission (SEC) filing on August 18. The company is now targeting September 10 for the pricing of its IPO.
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Growth momentum and blockchain roots
Figure’s valuation has grown significantly since its $200 million Series D funding round in 2021, which was led by 10T Holdings and valued the company at $3.2 billion. In the first half of this year, its revenues reached $191 million, reflecting strong momentum.
While Figure is best known for offering blockchain-based financial products built on the Provenance Blockchain, the company originally started in consumer lending. Its first product was a digitized home equity line of credit aimed at U.S. homeowners, before expanding into blockchain infrastructure for enhanced lending and securitization.
IPO rush continues for crypto and blockchain firms
Figure is part of a larger trend of blockchain companies pursuing public listings. Gemini, the well-known crypto exchange, filed for an IPO on the same day as Figure, targeting $317 million in funding.
Kraken, another crypto exchange, is reportedly planning a $500 million IPO with a $15 billion valuation, potentially going public in 2026. The rush to the public markets also includes Bullish, a digital asset exchange operator, which made waves with its IPO last month. Bullish’s shares were priced at $37 and soared by as much as 218% on the first trading day, eventually settling with a valuation of $9.6 billion.
In addition, Circle, the stablecoin issuer, recently raised $1.1 billion in its IPO, with its stock more than doubling on the first day, bringing its market capitalization to around $30 billion.
Meanwhile, some industry players are exploring alternative methods for going public, such as Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based SPAC targeting a $200 million IPO.
