Immy Dorse 
Figure Files for Nasdaq IPO After Strong First Half
Figure Technology Solutions, the blockchain-based lending firm, just took a big step toward going public. The company filed paperwork with the SEC on Monday, aiming to list on Nasdaq under the ticker “FIGR.” It’s a move that comes after a solid first half of 2025—revenue up, profits back in the black.
The numbers tell part of the story. Figure pulled in $191 million in revenue through June, a jump of more than 22% compared to last year. Even more notable? A $29 million profit, flipping last year’s $13 million loss. Since launching in 2018, the company has handled over $16 billion in home equity loans, leaning on blockchain to speed up processes that usually drag in traditional lending.
Goldman Sachs, Jefferies, and Bank of America are leading the IPO. No word yet on valuation, but back in early 2021, Figure was already worth $3.2 billion after a $200 million funding round.
Riding the Crypto IPO Wave
Figure isn’t alone. This year has seen a steady stream of crypto and blockchain firms testing public markets. Circle, the company behind the USDC stablecoin, had a massive IPO in January. Then last week, Gemini—the exchange run by the Winklevoss twins—filed its own paperwork.
What’s driving the trend? Partly, it’s regulators. The current administration has been less hostile toward crypto than past ones, which helps. But it’s also Wall Street warming up to the idea. Big banks that once kept their distance are now underwriting deals, offering custody services, even investing. The same firms backing Figure’s IPO—Goldman, BofA—are the ones suddenly pushing deeper into crypto.
Analysts think this wave could redefine how investors value blockchain companies. Josef Schuster of IPOX pointed out that crypto is becoming a “pillar” of the IPO market, with some firms even opting for SPAC mergers to go public faster.
Leadership and Long-Term Control
Figure’s CEO, Mike Cagney, is no stranger to fintech disruption. He previously ran SoFi before co-founding Figure in 2018. Now, he’s set to keep tight control post-IPO thanks to a dual-class share structure—similar to what Zuckerberg did at Meta. That means he’ll call the shots on strategy, for better or worse.
Investors seem okay with it, at least for now. The company’s back in profit, and blockchain-based lending is gaining traction. But there’s always a risk when power stays concentrated.
One thing’s clear: Crypto isn’t niche anymore. With Circle, Gemini, and now Figure in the mix, these firms are edging into the mainstream—competing with tech and biotech for investor attention. Whether that momentum holds is another question. But for now, Wall Street’s listening.
