Figure Technology Solutions, a blockchain-native lending platform co-founded by fintech veteran Mike Cagney, has officially filed for an initial public offering in the United States. This move represents another milestone in the growing wave of crypto-linked companies entering the public markets. The IPO filing reveals a dramatic turnaround in financial results: for the first half of 2025, revenue surged by approximately 22.4 percent to reach $191 million, while the company posted a net profit of $29 million—compared to a loss of $13 million during the same period in 2024. Figure intends to trade on Nasdaq under the symbol “FIGR.” Goldman Sachs, Jefferies, and Bank of America Securities are leading the underwriting effort, signaling strong institutional confidence in the offering.
Company Background and Business Model
Founded in 2018 and headquartered in New York, Figure leverages blockchain to transform traditionally illiquid markets, such as home equity loans, by connecting origination, funding, and secondary market trading. The company’s blockchain platform allows mortgage originators, banks, brokers, and servicers to issue loan products under their own brands using Figure’s infrastructure. To date, Figure has facilitated more than $16 billion in home equity lines of credit and executed over $50 billion in on-chain transactions. The platform’s design aims to inject liquidity into markets by tokenizing assets and making their performance data transparent and tradeable on-chain.
Mike Cagney, who previously co-founded the fintech SoFi, leads the company. Figure’s leadership includes seasoned industry professionals and benefits from the backing of major investors, including Apollo Global Management, Ribbit Capital, and 10T Holdings. After a $200 million funding round in 2021, the company was valued at roughly $3.2 billion. Figure currently operates under the legal name FT Intermediate Inc., but plans to rebrand as Figure Technology Solutions Inc. in conjunction with the IPO.
Financial Momentum and the Turn to Profitability
Figure’s S-1 filings reveal a company that has reversed its financial trajectory in a short span. Revenue from the first half of 2025 stands at $191 million, up sharply from a $156 million figure a year earlier. This revenue growth was driven by ecosystem and technology fees linked to its Connect platform, revenue from interest, retained interests, and new digital asset-backed lending. Notably, expenses declined due to a significant drop in equity-based compensation, which helped transform a loss-making position into profitability. The $29 million in net income reflects not only growth but also efficient cost control—an uncommon accomplishment among crypto-affiliated firms.
Strategic Drivers and Market Opportunities
Figure’s IPO announcement aligns with a broader push by blockchain and crypto-related firms to access the public equities market—mirroring earlier successes by Circle, Gemini, Bullish, and others. Investors are seeking exposure to digital asset innovation, real-world asset tokenization, and fintech infrastructure built on blockchain foundations. Figure positions itself at the intersection of lending, tokenization, and capital markets, offering a vertically integrated capital marketplace from loan origination to secondary trading. This strategy provides exposure to multiple revenue streams while tapping into under-penetrated segments, like securitization and liquidity transformation in mortgage-backed products. If executed successfully, Figure could pave the way for widespread adoption of tokenized financial products.
Institutional Support and Investor Sentiment
The involvement of major underwriters—Goldman Sachs, Jefferies, and Bank of America Securities—underscores institutional confidence in Figure’s value proposition. The company’s filing notes that existing shareholders will also sell shares in the IPO, offering liquidity to early backers while demonstrating commitment by insiders. With the IPO slated for the Nasdaq under “FIGR,” investor interest is likely to ramp up in tandem with other crypto-related listings. The timing of the filing, amid a seasonal pullback in IPO activity, suggests Figure aims to launch its roadshow shortly after Labor Day when investor attention returns in earnest.
Regulatory Context and Strategic Positioning
Figure’s IPO unfolds in a regulatory environment that has grown cautiously more accommodating toward crypto-linked ventures. Under previous U.S. administrations, digital asset firms faced uncertain regulatory headwinds. However, a more crypto-friendly stance—combined with clear use cases like tokenized loans—has enabled companies like Figure to move forward with public offerings. As a blockchain company with tangible financial innovation, Figure’s success could influence broader acceptance of tokenization in regulated capitals.
Competitive Landscape and Challenges
To date, Figure’s business model remains unique, but the company must contend with several challenges. The mortgage market is highly regulated and cyclical, exposing Figure to macroeconomic volatility. Interest rate shifts, housing market instability, and regulatory scrutiny all pose potential risks. Moreover, competition looms—from both traditional fintech lenders and emerging tokenization platforms seeking to replicate Figure’s model.
Additionally, while blockchain technology offers transparency and liquidity, its benefits must justify potential network and integration costs. Convincing financial institutions and regulators to adopt on-chain solutions at scale will require sustained performance and compliance.
Long-Term Outlook and Market Implications
If successful, Figure’s IPO could become a landmark moment in the convergence of crypto innovation and mainstream finance. It would demonstrate that blockchain-powered financial platforms can achieve scale, profitability, and regulatory compliance. The U.S. markets could see more offerings from real-world asset platforms, tokenized finance firms, and hybrid fintech disruptors.
For investors, Figure presents a distinct opportunity: a blockchain native company that has delivered both growth and a tangible profit figure. Institutional investors seeking exposure to alternative finance and digital asset infrastructure may view FIGR as a compelling addition to their portfolios. Retail investors, meanwhile, must weigh novelty against volatility and sector-specific risks.
Conclusion
Figure Technology Solutions’ IPO filing marks a major milestone in the maturation of blockchain finance. From its roots in tokenizing home equity loans, the company has evolved into a profitable, vertically integrated capital marketplace operating at the intersection of fintech, blockchain, and securitized lending.
Its financial performance—22.4 percent revenue growth and $29 million profit—signal that blockchain-based platforms can succeed in generating real value and revenue. With strong institutional underwriting support and a Nasdaq listing in the works, Figure aims to ride the wave of renewed interest in crypto-linked offerings. The coming months will reveal whether the market rewards this blend of innovation, financial discipline, and regulatory alignment.
