Figure Technology Seeks Public Listing as Crypto Sector Momentum Soars

• Figure Technology filed for a Nasdaq IPO under “FIGR” after achieving $191M revenue.

• The firm has facilitated $16B+ in blockchain loans and $50B+ in on-chain transactions.

Figure Technology, a company that is leading in blockchain lending, has officially filed for a public offering on Nasdaq. The company is one of many cryptocurrency companies taking advantage of the current favourable regulatory environment under this administration. Figure intends to trade under the ticker symbol “FIGR”, with some of the largest investment banks managing the offering.

Strong Financial Performance Drives IPO Decision

In early 2025, Figure Technology recorded an impressive financial development, with revenues of almost $191 million. It is a significant 22% improvement over last year’s performance figures.

The company managed to turn around its operations, which were incurring losses, and record profits of $29 million after incurring losses of $13 million in the past.

Figure Technology was co-founded by Mike Cagney, the former founder of fintech giant SoFi. It is a company that works on the Provenance blockchain and provides lending services and tokenization of assets to institutional customers. In its 2021 Series D funding round of $200 million, the company reached a valuation of $3.2 billion.

Over the history of its operation, the lending platform has facilitated more than $16 billion in blockchain-based loans. Also, Figure has enabled over $50 billion in on-chain transactions in a range of financial products. The underwriters of the offering will include Goldman Sachs, Bank of America, and Jefferies Financial Group.

Cagney highlighted the capability of blockchain technology to remove the financial intermediaries and the costs of such intermediaries. He is convinced that digital assets have the potential of revolutionizing traditionally illiquid markets, offering a new level of transparency and liquidity choices. The executive sees blockchain as a way of curbing rent-seeking in the financial services.

The IPO announcement of Figure comes after the successful public offering of Circle Internet Group, which has attracted a lot of attention from investors. Several crypto firms have also recently listed on the stock market, such as exchanges Gemini and Bullish Holdings. Bullish was listed on the NYSE in August, and the stock rose more than 200% at first.

The cryptocurrency industry has seen a new dawn of hope after the regulatory clarity and favourable government policies. BitGo and Grayscale, crypto custodian an ETF provider respectively, have also filed IPO applications recently. Industry watchers anticipate that Kraken exchange will make plans to go public in 2020.

The move by Figure is an indication of the wider institutional use of blockchain technology in conventional financial services. The success of the company might prompt more fintech companies to look at the opportunities in the public market.

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