Figure Technology Solutions, a blockchain-based lending company, publicly filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) on August 18, 2025, aiming to list on Nasdaq under the ticker symbol “FIGR.”
The New York-based firm, co-founded in 2018 by Mike Cagney (formerly of SoFi), reported a 22.4% revenue surge to $191 million for the first half of 2025, with a profit of $29 million, compared to a $13 million loss in the same period the previous year.
Figure leverages its Provenance Blockchain to streamline lending, trading, and real-world asset (RWA) tokenization, having originated over $16 billion in home equity loans with more than 160 partners. The IPO, underwritten by Goldman Sachs, Jefferies, and Bank of America, is part of a broader wave of crypto-related firms, including Circle and Gemini, tapping public markets amid a crypto-friendly regulatory environment.
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The IPO signals confidence in blockchain’s ability to enhance efficiency, transparency, and security in lending, which could attract institutional investors and traditional banks to explore decentralized finance (DeFi) solutions. The filing comes amid a crypto-friendly regulatory shift, potentially influenced by a pro-crypto administration following Donald Trump’s 2024 election win.
This environment could bolster investor confidence in blockchain-based companies, positioning Figure’s IPO as a bellwether for other crypto firms like Circle and Gemini pursuing public listings. A strong IPO performance could drive increased capital inflows into the crypto sector, particularly for companies bridging traditional finance and DeFi.
Figure’s reported 22.4% revenue growth to $191 million and a $29 million profit for the first half of 2025 demonstrate financial resilience, making it an attractive investment compared to other crypto firms with less consistent profitability. This could set a precedent for how blockchain companies are valued in public markets.
Figure’s success could pressure traditional lenders and fintechs to integrate blockchain or risk losing market share. Its $16 billion in originated home equity loans and partnerships with over 160 institutions underscore its competitive edge in scaling blockchain-based lending.
The IPO may spur innovation in RWA tokenization, as Figure’s Provenance Blockchain supports digitizing assets like real estate and securities, potentially reshaping capital markets. As a blockchain-based lender, Figure’s public listing will likely face intense regulatory scrutiny from the SEC and other agencies. Its ability to navigate compliance could set a precedent for how regulators view blockchain firms, influencing future IPOs in the sector.
Figure as a Basis for Comparison
Figure’s expected $400 million raise and Nasdaq listing will provide a public valuation benchmark for blockchain lending platforms. Investors will compare its price-to-earnings (P/E) ratio, revenue growth (22.4% in H1 2025), and profit margins ($29 million profit) to other fintechs and crypto firms like SoFi, Block, or Coinbase.
Unlike pure crypto exchanges, Figure’s focus on lending and RWA tokenization offers a hybrid model, making it a unique comparator for both fintech and blockchain sectors. Figure’s Provenance Blockchain, used for loan origination and asset tokenization, sets a standard for operational efficiency.
Competitors will be judged on their ability to replicate or surpass Figure’s blockchain-driven cost savings and scalability, especially in home equity lending ($16 billion originated). Other blockchain firms pursuing IPOs, such as Circle (stablecoin issuer) or Gemini (crypto exchange), will be compared to Figure on how effectively they integrate blockchain into real-world financial applications.
With over 160 partners, Figure’s collaborative model contrasts with more insular crypto platforms. Future blockchain IPOs will be evaluated on their ability to build extensive partner networks, as Figure’s partnerships demonstrate market trust and scalability. Figure’s IPO timing, amid a crypto-friendly regulatory environment and post-election optimism, positions it as a test case for market appetite.
Figure’s focus on tokenizing real-world assets like real estate and securities positions it as a leader in this emerging field. Competitors will be measured against Figure’s ability to scale RWA tokenization, which could disrupt traditional capital markets by enabling fractional ownership and liquidity.
As a basis for comparison, Figure will influence how investors, regulators, and competitors assess valuation, technology adoption, partnerships, and market timing in the rapidly evolving intersection of blockchain and finance. If successful, Figure could catalyze further innovation and public listings in the sector, solidifying its role as a trailblazer.