Blockchain lender Figure Technology makes US IPO filing public

Blockchain lender Figure Technology Solutions has filed for a U.S. IPO, reporting strong financial results with revenue surging 22.4% to $191 million and a $29 million profit for the six months ended June 30, reversing a prior-year loss. As a blockchain-native platform focused on lending and digital assets, Figure's public offering signifies a broader trend of crypto-linked firms, including Circle and Gemini, accessing public markets, highlighting the digital asset industry's growing prominence in the IPO landscape.

Analysis

Figure Technology Solutions has filed for a U.S. IPO, revealing strong financial performance and a significant strategic pivot to profitability. The blockchain lender reported a 22.4% revenue increase to $191 million for the first half of 2025 and, more critically, generated a $29 million profit, reversing a $13 million loss from the prior-year period. This filing is part of a broader trend of digital asset firms entering public markets, following the successful debut of Circle (CRCL.N) and the recent IPO filing by Gemini, indicating growing investor acceptance in a crypto-friendly environment. Figure's business model, which applies blockchain to originate over $16 billion in home equity loans, aims to bring liquidity to traditionally illiquid credit assets. The offering is backed by top-tier underwriters including Goldman Sachs and BofA Securities, lending it institutional credibility. However, investors should note that founder Mike Cagney, previously of SoFi, will retain majority voting control post-listing, a key governance consideration. The company's last private valuation in 2021 stood at $3.2 billion, setting a benchmark for its upcoming public market valuation.

Key Decisions for Investors

• Given the company's demonstrated revenue growth and its successful shift from loss to profitability, investors with an appetite for high-growth fintech and digital asset exposure should evaluate this IPO as a potentially compelling opportunity.
• Potential investors must factor the governance structure into their risk assessment, as founder Mike Cagney's retention of majority voting control will limit the influence of public shareholders.
• It is prudent to benchmark Figure's valuation and post-IPO performance against recent crypto-related listings like Circle (CRCL.N) to gauge market sentiment and relative value.
• Monitor the health of the consumer credit and home equity markets, as these are fundamental drivers of Figure's core lending business and its reported financial performance.