Figure, the blockchain lending firm spearheaded by SoFi co-founder Mike Cagney, has taken a significant step forward in its quest to go public. The company has officially filed for an initial public offering (IPO) with the Securities and Exchange Commission, aiming to list its Class A shares on the Nasdaq under the ticker symbol ‘FIGR.’ This move comes as the crypto IPO wave continues to swell, with Figure positioning itself to ride the crest.
From SPACs to IPOs: Figure’s Evolving Journey
Figure’s journey to the public markets has been anything but linear. The firm initially set its sights on a special purpose acquisition company (SPAC), Figure Acquisition Corp. I, back in 2021. This venture raised $250 million, with the intent of acquiring growth-stage businesses using its blockchain platform, Provenance, as a foundation for efficiency. Despite the ambitious start, the SPAC didn’t lead Figure to the trading floor.
In a twist of fate—or perhaps strategy—Figure has chosen the IPO route, a decision influenced by a more favorable regulatory climate during the Trump administration. This era of regulatory leniency, coupled with buoyant crypto and stock markets, has emboldened several digital asset firms to explore public listings. Bullish, the owner of CoinDesk, serves as a prime example, having successfully navigated the IPO waters. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
The Market’s Pulse: Figure’s Financial Fortunes
Financial disclosures in Figure’s S-1 filing paint a promising picture. The company’s revenue surged by 22.4% in the first half of 2025, reaching $190.6 million. This is a marked improvement from previous years, underscored by a net income of $29 million—an impressive turnaround from last year’s $13 million loss. Such figures suggest a company on the ascendant, ready to capitalize on the growing appetite for blockchain solutions.
Market analysts are paying close attention. “Figure’s integration of blockchain technology into lending could be a game-changer,” noted crypto analyst Sarah Lin. “Their recent financial performance is a testament to the operational efficiencies and innovative potential that blockchain can unlock in traditional industries.”
However, Figure’s story isn’t just about numbers. The firm’s merger with Figure Markets, a blockchain marketplace also founded by Cagney, is a strategic play that could redefine its market positioning. This merger introduced YDLS, a yield-bearing stablecoin structured as a tokenized money market fund—an innovative financial product aiming to blend the stability of traditional finance with the dynamism of digital assets.
Looking Ahead: Strategic Moves and Market Speculations
With the IPO proceeds earmarked for working capital and potential acquisitions, Figure has no plans to distribute dividends. This signals a focus on growth and expansion, rather than immediate shareholder returns. According to insiders, the company is eyeing strategic acquisitions that could solidify its foothold in the burgeoning blockchain finance sector. As explored in our recent coverage of a16z and DeFi Education Fund’s push for SEC Safe Harbor, regulatory clarity could play a crucial role in Figure’s strategic decisions.
Yet, the road ahead isn’t without its challenges. Regulatory landscapes can shift as quickly as market sentiments, and Figure must navigate these waters cautiously. The firm’s track record in adapting to regulatory changes will be crucial in maintaining its momentum.
As Figure prepares to enter the public arena, industry observers are watching closely. Can the firm sustain its growth trajectory? Will its blockchain innovations continue to disrupt traditional lending? These questions linger as Figure’s IPO draws near, adding a layer of intrigue to an already compelling narrative.
The crypto landscape is in a state of flux, with companies like Figure at the forefront of this transformation. Their journey from SPAC ambitions to an impending Nasdaq debut is a microcosm of the sector’s broader evolution. As the IPO approaches, one thing is clear—Figure’s next chapter is set to unfold on the global stage, with implications that could ripple across the entire financial ecosystem.
Source
This article is based on: Blockchain Lender Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under ‘FIGR’
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
