Blockchain-powered lender Figure Technology Solutions has officially filed its S-1 IPO draft with the U.S. Securities and Exchange Commission (SEC). This follows the company’s confidential submission earlier this month on August 5. The company aims to list its Class A common stock on the Nasdaq exchange under the ticker FIGR. Goldman Sachs, Jefferies, and Bank of America Securities are some of the underwriters leading the IPO.
Strong financial turnaround
In the draft filing, Figure reported a 22.4% revenue increase, generating $191 million in the first half of 2025. It also reported $29 million in profits, a sharp reversal from a $13 million loss in the same period last year. The company plans to deploy its IPO proceeds toward general corporate purposes and will retain founder Mike Cagney’s control through majority voting rights. The New York-based company and some of its existing stockholders will sell shares in the offering.
“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,” Cagney said in the filing.
The firm, co-founded in 2018 by Mike Cagney, has originated over $16 billion in home equity loans and facilitated over $50 billion in on-chain transactions. Though the exact share count, pricing, and timeline for trading haven’t been disclosed, the public filing typically indicates a roadshow and listing aimed for late Q3 or Q4, assuming typical SEC review durations.
Beeline for crypto IPOs
Figure’s IPO comes amidst a frenzy of crypto-related listings. A crypto-friendly environment under the Trump administration and the blowout debut of stablecoin issuer Circle have set the stage. Some of its peers in the IPO queue include Gemini under the ticker GEMI and Grayscale, which filed for its IPO in mid-July. Bullish also recently relaunched on the NYSE, giving investors much to look forward to with a flurry of listings from the digital asset industry.