Blockchain Lender Figure Announces Plans for IPO, Joining a Growing List of Crypto Firms Going Public
Figure, a blockchain-powered lending company, has announced its intention to launch an initial public offering (IPO) later this year. This move adds Figure to the growing roster of cryptocurrency-related firms seeking access to public capital markets amid a favorable regulatory and market environment.
Background and IPO Details
Founded by Mike Cagney, co-founder of SoFi Technologies (ticker: SOFI), Figure plans to list its shares on the Nasdaq exchange under the ticker symbol “FIGR.” The company uses blockchain technology to streamline lending processes, representing a fusion of traditional finance and emerging crypto innovations.
Figure’s announcement comes in the wake of successful IPOs from other prominent crypto firms, including stablecoin issuer Circle Internet Group (CRCL) and crypto exchange Bullish (BLSH). More recently, Gemini, one of the leading crypto exchanges run by Cameron and Tyler Winklevoss, revealed plans for an IPO in the coming weeks.
Market Context and Regulatory Environment
The decision of multiple crypto companies to pursue public listings reflects improved investor sentiment and a comparatively friendlier regulatory atmosphere in the United States under the Trump administration. Furthermore, the U.S. stock markets have hovered near all-time highs, making it an opportune time for companies to tap into public equity markets.
History of Figure’s Going Public Efforts
This IPO will mark Figure’s second attempt to enter public markets. In 2021, the company initially pursued a public listing through a special purpose acquisition company (SPAC). However, that deal was derailed by a combination of rising interest rates, a general bear market in stocks, and a downturn in the crypto sector, often referred to as the “crypto winter.”
In a strategic development earlier this year, Figure merged with Figure Markets, a blockchain marketplace also founded by Mike Cagney. Figure Markets issues a yield-bearing stablecoin designed like a tokenized money market fund. This consolidation reflects Figure’s ambition to deepen its foothold in the blockchain lending and stablecoin arenas.
Financial Performance Highlights
Figure disclosed robust financial performance in the first half of 2025, reporting a 22% increase in revenue to $190.6 million. The company also turned a notable profit, posting net income of $29 million compared to a $13 million net loss during the same period in the prior year, signaling improving operational efficiency and business momentum.
Insights on SoFi Technologies (SOFI)
While Figure has not yet become a publicly traded entity, investors interested in Mike Cagney’s ventures may consider SoFi Technologies, his previous company. Currently, SoFi stock holds a consensus "Hold" rating by 20 Wall Street analysts, with a mixture of buy, hold, and sell recommendations issued recently. The average price target for SOFI suggests a potential downside of approximately 14% from current market levels.
This article summarizes the latest developments related to Figure’s forthcoming IPO and its role in the evolving crypto finance landscape. Investors are encouraged to perform thorough due diligence and monitor regulatory updates as cryptocurrency firms continue to enter public markets.