Figure Technology Solutions, a blockchain-based lending platform, is seeking a valuation of up to $4.13 billion in its U.S. initial public offering (IPO). The company announced terms for its IPO on Tuesday, aiming to raise approximately $526 million. This move highlights a resurgence of interest in crypto-related companies going public, fueled by renewed regulatory clarity and growing institutional adoption of digital assets.
The company and some of its existing investors plan to sell 26.3 million shares, with an expected price range of $18 to $20 per share. At the midpoint of the proposed range, Figure Technology Solutions would command a fully diluted market value of $4.5 billion. Figure intends to list on the Nasdaq under the ticker symbol "FIGR". The IPO is expected to price during the week of September 8, 2025.
Figure Technology was co-founded in 2018 by technology entrepreneur Mike Cagney. The company operates a blockchain-native platform for lending, trading, and investing in consumer credit and digital assets. Figure has built a vertically integrated suite of blockchain-based solutions that powers its marketplaces. A foundation for its infrastructure has been in the home equity line of credit (HELOC) market. Figure originates loans directly to borrowers, and has also developed a partner-branded strategy through which mortgage originators, servicers, banks, wholesale brokers, and credit unions can use Figure's technology to originate and distribute their own loans. The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days.
The company's S-1 filing showed its revenue rose 22.4% year-over-year to $190.6 million during the first half of 2025, with a net income of $29 million for the period. This is a significant improvement from the first half of 2024, during which the company posted a $13 million net loss. For the 12 months ended June 30, 2025, Figure Technology Solutions booked $375 million in sales.
Several factors are contributing to the current wave of crypto IPOs. Renewed regulatory clarity and strong inflows into crypto-focused exchange-traded funds have accelerated institutional adoption of digital assets. Successful debuts by crypto exchange Bullish and stablecoin issuer Circle have also encouraged other firms to go public. The stock market's active performance and the strong showing of recent IPOs have bolstered investor confidence in new stock offerings.
Figure's IPO is part of a broader trend of crypto companies seeking to tap into the capital markets. Gemini Space Station, Inc., a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, also launched its IPO on Tuesday, seeking to raise up to $317 million.
Goldman Sachs, Jefferies, and BofA Securities are the lead underwriters for Figure's IPO. New investor Duquesne Family Office intends to purchase $50 million worth of stock in the offering. Figure's innovative model and strong balance sheet are key drivers, positioning it to capitalize on digital asset adoption amid easing regulations.
