The IPO market is increasingly energized by companies tied to cryptocurrency, blockchain, and decentralized finance, a trend marked by several filings and upsized offerings in recent weeks. For investors seeking exposure to crypto-adjacent growth, the current window may offer rare entry into companies positioned on the frontier between traditional finance and digital assets.
Company Background
Figure Technologies, founded in 2018 by Mike Cagney, operates a blockchain-based ecosystem encompassing consumer lending, credit markets, and digital assets. It’s reported profit for the first half of 2025 after prior losses. Other players, like Bullish and Circle, have recently listed or are preparing to go public, signaling growing institutional acceptance of tokenized finance businesses. Executives in this space often balance regulatory navigation and technical scalability as central to their growth strategy.
IPO Details
In its most recent filing, Figure expanded its IPO price range to between $20 and $22, an increase from earlier forecasts, and raised the share count to 31.5 million, aiming to generate up to $693 million in proceeds. The company would trade under ticker FIGR on the Nasdaq. Klarna, while not purely crypto, also benefited from investor enthusiasm around fintech’s overlap with regulatory innovation, valuation at $15.1 billion post-IPO, raising $1.37 billion total.
Market Context & Opportunities
The global surge in crypto market capitalization—up by hundreds of billions already in 2025—has spilled over into interest for related equities. Such interest is strengthening demand for IPOs in sectors where digital asset exposure, stablecoins, or blockchain build-out are central to the business. According to EY’s report on Q2 2025, the U.S. IPO market saw strong performance by IPOs raising more than $50 million and especially in tech, media, and telecommunications—areas naturally adjacent to blockchain infrastructure. For investors, crypto-adjacent IPOs offer exposure to emerging regulatory frameworks and potentially exponential upside if adoption scales.
Risks & Challenges
That said, regulatory risk remains one of the most serious threats. Changes to securities laws, oversight of stablecoins, or policy shifts can disrupt into revenue streams or change business models overnight. Volatility in underlying crypto markets also magnifies risk: while digital asset prices are surging, sharp pullbacks are common. Many of these firms have elevated operating costs and unclear paths to profit, which could strain investor patience in extended holding periods.
Closing Paragraph
The IPO wave tied to crypto and fintech suggests a tipping point: investors are now willing to underwrite disruption in areas once considered too speculative. Whether this trend translates into long-term winners will depend on regulatory clarity, execution discipline, and resilient financial foundations. For those who believe in the transformative power of blockchain, this may be the moment to lean in but with eyes wide open to risk.
