Figure Technology Solutions, the blockchain-native lending platform co-founded by tech entrepreneur Mike Cagney, made a splash today with the filing of its Form S-1 with the SEC, signaling plans to launch an IPO on Nasdaq under the ticker FIGR. Major underwriters include Goldman Sachs, Jefferies, and BofA Securities. Existing shareholders are also offering shares in the deal.

• The firm posted a robust 22.4% revenue increase, from around $156 million in H1 2024 to nearly $191 million in H1 2025.

• It turned a $13 million loss in the same period last year into a $29 million profit this year.

Founded in 2018, Figure leverages blockchain to enable tokenized lending and capital market access, particularly in areas like home equity lines of credit (HELOCs) and crypto collateralized loans. To date, it has originated more than $16 billion in loans and facilitated over $50 billion in on-chain transactions.

Figure’s public filing comes amid a wave of crypto-related IPOs, buoyed by supportive regulatory momentum—especially favorable conditions ushered by the GENIUS Act and growing investor interest. Following recent crypto listings like Circle (USDC) and amid others like Bullish and Gemini gearing up, Figure becomes a key entrant in crypto’s IPO renaissance.

• Blockchain meets wall street: Figure’s success marks a significant institutional embrace of DeFi-native platforms.

• Real-world assets tokenized: The company demonstrates a model where traditionally illiquid assets gain liquidity onchain.

• Foundational capital market shift: Its IPO symbolizes how blockchain infrastructure is increasingly merging with traditional finance.

If successful, Figure’s Nasdaq debut will further legitimize blockchain-enabled financial models. Investors will watch closely to see how the company positions itself in a still-volatile market. Continued innovation, governance, and transparency will define its path forward.