Figure Technology Files for Nasdaq IPO, Aiming to Revolutionize Blockchain-Based Lending and Cryptocurrency Markets
Fintech company Figure, founded seven years ago and specializing in blockchain-based lending, has submitted an Initial Public Offering (IPO) filing for its Class A common stock on Nasdaq. Goldman Sachs, Jefferies, and BofA Securities have been appointed as lead bookrunners for the offering.
The number of shares to be offered and the price range have yet to be determined. According to Figure’s IPO paperwork, the company reported a profit of $29 million during the six months ended June 30, up from a loss of $13 million in the same period last year, with revenue rising by 22.4% to $191 million over the same period.
The filing offers an opportunity for co-founder Mike Cagney, who previously led SoFi before departing the personal finance platform in 2017 due to sexual harassment allegations. Since then, SoFi has gone public via a special purpose acquisition company (SPAC) merger and has seen its stock rise over 200% in the past year, with revenue increasing by 44% in the second quarter of 2025.
Since its inception in 2018, Figure has established itself as a significant player in blockchain-based lending, boasting more than 160 partners for its loan origination system and capital marketplace. The company claims to be the largest non-bank provider of home equity lines of credit.
Figure employs blockchain technology through its Provenance blockchain to expedite approvals for home equity loans, mortgage refinancing, student loans, and personal loans. In May, the company announced plans to expand into cryptocurrency lending, signing a financing agreement with Victory Park Capital for what Figure describes as the industry’s first securitized pool of crypto-backed loans. This product allows asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%.
Terms of the deal with Victory Park were not disclosed. Cagney has a history of ambitious regulatory moves, including an application for a U.S. national bank charter in late 2020, which would have allowed Figure to accept uninsured deposits exceeding $250,000 from accredited investors while avoiding traditional FDIC and Federal Reserve oversight. The company withdrew its application last year due to broader fintech industry challenges.
In the interim, Figure has undergone major leadership changes, with Michael Tannenbaum, former COO of Brex, appointed as CEO in April 2024. Tannenbaum previously worked with Cagney at SoFi as chief revenue officer. In early 2024, Figure spun off Figure Markets to create a standalone digital asset exchange for crypto trading, crypto-backed loans, and stablecoins. However, the company reversed course less than a year later by merging the two entities back together.
The strategy aims to position Figure to capture a significant and growing opportunity in real-world asset tokenization, which involves converting traditional assets like mortgages, real estate, or loans into digital tokens that can be traded on blockchain networks. Major financial players such as BlackRock and JPMorgan have recently entered the space.
It’s worth noting that this is not Figure’s first attempt at going public. The company previously planned to list via a merger with a SPAC called Figure Acquisition Corp, but the deal fell through due to rising interest rates and redemption rates, among other challenges. The blank check company was later delisted from the New York Stock Exchange.
Figure, backed by investors such as Apollo Global Management and Ribbit Capital, also failed to complete a planned merger with mortgage lender Homebridge Financial Services in 2022 due to regulatory delays ten months after the tie-up was announced. The IPO filing comes as no surprise to industry observers, given that Figure announced weeks ago that it had filed a confidential statement for an IPO and aligns with a growing wave of crypto-related companies seeking public listings, fueled by the successful debut of Circle Internet Group in June and the Trump administration’s supportive stance towards cryptocurrency and related legislation.
Circle’s shares surged more than 500% in their first two weeks on the public market. The momentum continued last week with the listing of crypto exchange Bullish, whose shares more than doubled on its first day of trading. On Friday, the Winklevoss twins’ crypto exchange Gemini filed for an IPO despite reporting a $282.5 million net loss in the first half of 2025.
