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The Figure IPO filing has officially thrust the blockchain lender into Wall Street’s spotlight, as Figure Technology Solutions confirmed plans to list on the Nasdaq under the ticker “FIGR.” Backed by top underwriters Goldman Sachs, Bank of America, and Jefferies, the highly anticipated debut underscores the firm’s ambition to cement its place as one of the largest crypto-driven public offerings of 2025.
The Figure IPO filing comes on the back of impressive financial growth. For the first half of 2025, the blockchain lender reported $191 million in revenue, marking a 22% increase year-over-year.
Even more striking, the firm swung from a $13 million loss in 2024 to a $29 million profit this year.
“This filing signals confidence in both our model and the broader adoption of blockchain in financial services,” Figure’s co-founder Mike Cagney said in the company’s statement.
Cagney, who also co-founded fintech giant SoFi and blockchain network Provenance, underscored that tokenizing illiquid assets like loans could unlock new opportunities.
“Blockchain has the power to distill multiparty marketplaces down to just two: buyer and seller. All the rent-seeking goes away,” he noted in the filing.
The Figure IPO filing also highlighted the firm’s substantial market footprint. Valued at $3.2 billion in its 2021 Series D round, which raised $200 million, the company has since scaled aggressively.
To date, Figure claims to have originated $16 billion in blockchain-based loans and facilitated more than $50 billion in on-chain transactions via its Provenance blockchain.
Industry experts say the move represents a milestone for blockchain adoption in mainstream finance.
“Figure’s IPO could serve as a bellwether for how investors view blockchain’s role in lending and capital markets,” said Matthew Sigel, Head of Digital Assets Research at VanEck, in a note to clients.
The Figure IPO filing adds momentum to a wave of crypto-related listings in the United States this summer. Earlier this month, Bullish, a crypto exchange and owner of CoinDesk, debuted on the NYSE — with its shares soaring 200% on opening day.
Meanwhile, Gemini, BitGo, and Grayscale have also either filed or signaled plans to go public. Long-time industry player Kraken is rumored to follow in 2026.
Analysts argue that this surge is partly fueled by a more crypto-friendly regulatory environment under the current administration.
“We’re witnessing a clear shift: capital markets are warming up to blockchain companies in a way we haven’t seen since Coinbase’s IPO,” noted Cathie Wood, CEO of ARK Invest, in a Bloomberg interview.
Still, the Figure IPO filing doesn’t come without risks. Crypto markets remain volatile, and investor appetite could hinge on broader macroeconomic conditions.
The SEC’s ongoing scrutiny of blockchain-based lending could also weigh on sentiment.
“While the growth is promising, regulatory clarity will be key. Investors will want assurances that blockchain lenders can operate sustainably within U.S. financial frameworks,” said Sheila Warren, CEO of the Crypto Council for Innovation.
The Figure IPO filing is more than just another corporate milestone; it’s a statement about the future of finance.
With strong revenue growth, a multi-billion-dollar valuation, and backing from major Wall Street banks, Figure is positioning itself as a disruptive force in lending and asset tokenization.
If successful, this IPO could pave the way for more blockchain firms to secure listings on U.S. exchanges, accelerating the industry’s integration into traditional capital markets.
As Mike Cagney put it: “Blockchain isn’t just a disruption — it’s a foundation for a more efficient, transparent, and liquid financial system.”
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