Blockchain-based lending company Figure Technology Solutions has filed for an initial public offering (IPO) in the United States. The New York-based firm plans to list its shares on Nasdaq under the ticker symbol “FIGR.” The IPO will be led by Goldman Sachs, Bank of America, and Jefferies Financial Group.
According to the company’s filing with the Securities and Exchange Commission (SEC) on Monday, some existing shareholders will also sell shares as part of the offering.
Joining a Wave of Crypto IPOs
Earlier this month, Figure revealed that it had confidentially submitted its IPO paperwork. The move follows a string of crypto firms seeking to go public under the current administration, including stablecoin issuer Circle Internet Group, which recently launched a successful listing.
Related: Circle Files for IPO
The decision comes after a strong financial performance in the first half of 2025. Figure reported revenue of nearly $191 million, marking a 22% increase compared to last year. The company also recorded a profit of $29 million, a sharp turnaround from a $13 million loss during the same period in 2024.
Billions in Onchain Transactions
Since its launch, Figure has originated more than $16 billion in blockchain-based loans and processed over $50 billion worth of onchain transactions, according to the SEC filing.
In the filing, Cagney highlighted blockchain’s potential to reshape financial markets by improving liquidity and reducing middlemen.
“Blockchain can do more than disrupt existing markets,” he wrote. “By taking historically illiquid assets — such as loans — and putting these assets and their performance history onchain, blockchain can bring liquidity to markets that have never had such.”
He added that financial services today often rely on layers of intermediaries, creating inefficiencies and high costs. “Blockchain has the power to distill these multiparty marketplaces down to just two: buyer and seller. All the rent-seeking goes away,” he said.
Founded by SoFi and Provenance Creator
Figure was co-founded in 2018 by Mike Cagney, who also helped create the blockchain Provenance and fintech company SoFi, one of the largest online lenders in the US.
The firm offers a blockchain-powered platform for lending, trading, and asset tokenization, all built on the Provenance blockchain. In 2021, Figure was valued at $3.2 billion during a Series D funding round that raised $200 million.
