Figure Technology Solutions, a pioneer in blockchain‑based lending infrastructure, has confidentially submitted a draft Form S‑1 registration statement with the U.S. Securities and Exchange Commission (SEC), marking its first step toward a public listing in 2025.
Since the submission is confidential, details on share count, pricing, valuation, and revenue remain undisclosed until a later public filing. The IPO is contingent upon successful SEC review and favorable market conditions. No confirmed timetable or underwriters have been publicly acknowledged. Using the newly expanded guidelines by the SEC, under Rule 135, Figure can get its draft S-1 confidentially reviewed without initial underwriting disclosures
Positioning ahead of IPO
By going public, Figure aims to scale its blockchain-centric financial products and infrastructure offerings. Its strategy includes serving as a leading non‑bank provider of tokenized loan products and capital markets services for institutional and retail clients.
Founded and led by Mike Cagney, co‑founder and former CEO of SoFi, Figure specializes in real‑world asset tokenization and home equity lending via the Provenance Blockchain. To date, the firm has originated over $16 billion in home equity lines of credit (HELOCs). More recently, it merged with its sister trading platform, Figure Markets, and its yield‑bearing stablecoin platform YLDS.
IPO rides the broader crypto infrastructure wave
Figure’s move comes amid a wave of crypto and fintech firms seeking public listings, including Circle, BitGo, Grayscale and Bullish. The surge reflects increasing investor demand and a friendlier regulatory environment since early 2025. The confidential filing also benefits from a March 2025 SEC policy update that enables earlier IPO preparation without immediate public disclosure.
Reports suggest that the firm is engaging major banks, including Goldman Sachs, JPMorgan, and Jefferies, while reportedly courting institutional investors like BlackRock, SoftBank, and Tiger Global ahead of the IPO.