US-based Figure Technology Solutions has filed for an initial public offering, joining a wave of crypto companies going public under the Trump administration’s favorable digital asset policies. The company is an important player in the crypto space due to its innovative applications for a range of industries, from blockchain to financial services.
The New York-based company reported revenue of $191 million for the first half of 2025, up by 22.4% from the same period last year. The company reported a profit of $29 million, compared with a loss of $13 million in the same period a year earlier.
The company will list Class A shares on Nasdaq under the ticker “FIGR”. Goldman Sachs, Jefferies Financial Group, and Bank of America are serving as lead underwriters for the offering. Figure plans to use the IPO proceeds for working capital and potential acquisitions.
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Mike Cagney, the company’s co-founder and executive chair, will retain majority voting control after the IPO. Cagney launched the company in 2018 to use blockchain technology for lending, trading, and investing in consumer credit and digital assets.
The company operates a blockchain platform that has originated over $16 billion in home equity loans with more than 160 partners. Figure merged with Figure Markets earlier this year, creating a blockchain marketplace that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund.
“Blockchain can do more than disrupt existing markets,” Cagney stated in the filing. “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.”
In 2021, Figure had raised $200 million at a $3.2 billion valuation. Investors included Apollo Global Management, 10T Holdings, and Ribbit Capital.
Many big crypto companies are now going the IPO way
The IPO follows other crypto-related public listings this year. For instance, stablecoin issuer Circle completed its debut, while Gemini exchange filed for a New York IPO in June. Crypto exchange Bullish priced its IPO at $37 per share, raising $1.1 billion and achieving a $5.4 billion valuation.
“Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO but also through business combinations,” said Josef Schuster is the CEO of IPOX Schuster LLC, a Chicago firm focused on IPO and SPAC financial products.
Figure’s IPO filing reflects growing regulatory clarity and institutional adoption of digital assets in 2025. Major financial institutions are now underwriting blockchain-related IPOs and expanding digital asset services, signaling confidence in the crypto sector.
