TLDR
- Figure Technologies targets a $4.13B valuation with a $526M IPO, trading under ticker FIGR.
- The company aims to raise funds via its blockchain-powered financial products.
- Figure has originated $16B in home equity lines using Provenance blockchain technology.
- The IPO follows a trend of blockchain firms seeking public listings, including Gemini and Kraken.
Figure Technologies, a blockchain-powered lender founded by Mike Cagney, is preparing for its initial public offering (IPO). The company aims to raise up to $526 million and is targeting a valuation of $4.13 billion. The share sale is set to take place under the ticker FIGR on Nasdaq.
According to filings with the U.S. Securities and Exchange Commission (SEC), Figure plans to offer 21.5 million shares at a price range of $18 to $20 per share. Additionally, 4.9 million shares will be sold by existing shareholders. The IPO is expected to price on September 10, 2025, marking the latest blockchain company to pursue a public listing in the growing crypto market.
Goldman Sachs, Jefferies, and BofA Securities are acting as the leading underwriters for the offering.
Blockchain-Powered Financial Products Driving Growth
Figure Technologies has originated over $16 billion in home equity lines of credit using its proprietary Provenance blockchain. The company’s focus on real-world assets (RWAs) has positioned it as a leader in the blockchain lending sector. In addition to traditional home equity products, Figure recently merged with Figure Markets, a blockchain marketplace venture, further expanding its footprint in the digital asset space.
Cagney’s company is betting on the continued growth of blockchain technology to streamline lending, securitization, and other financial services. By using blockchain rails, Figure aims to reduce costs and increase efficiency compared to traditional financial services.
A Growing Trend in Crypto IPOs
Figure Technologies is not the only blockchain company moving toward a public listing. The IPO follows a broader trend of crypto and blockchain firms seeking public listings as investor appetite for new equity offerings rises. Last month, the cryptocurrency exchange Gemini filed for an IPO, aiming to raise up to $317 million.
Another crypto exchange, Kraken, is also rumored to be pursuing a $500 million IPO with a potential valuation of $15 billion, expected in 2026.
These moves are part of the ongoing maturation of the crypto space, as more blockchain firms seek to enter the traditional financial markets. The IPO wave reflects growing institutional interest in the blockchain sector and the increasing legitimacy of blockchain-based financial services.
Financial Momentum and Expansion Plans
Figure Technologies has seen significant financial growth in recent years. For the first half of 2025, the company reported revenues of $191 million, signaling strong momentum ahead of its IPO. Since its $200 million Series D funding round in 2021, which valued the company at $3.2 billion, Figure has grown its business substantially.
The firm’s expansion into blockchain infrastructure and its merger with Figure Markets reflect its commitment to broadening its product offerings. This positioning is meant to appeal to both institutional investors and consumers seeking blockchain-based financial products.
While Figure’s IPO is a key moment in the company’s development, it also highlights the continued evolution of blockchain adoption within traditional finance.
Figure Technologies Role in the Blockchain Landscape
As Figure Technologies moves toward its IPO, it continues to be a leader in using blockchain technology to reshape the lending industry. The company’s Provenance blockchain platform has allowed it to offer innovative products in the home equity market, making traditional finance more efficient and accessible.
With the success of its IPO, Figure Technologies will likely play a key role in pushing the boundaries of blockchain in the financial sector, joining other high-profile blockchain companies like Circle and Bullish in expanding the use of digital assets in traditional finance.
