Figure Technology Solutions, a blockchain-based lending platform founded by SoFi co-founder Mike Cagney, has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for an upcoming Initial Public Offering (IPO). This move positions Figure as a potential pioneer in blockchain-enabled financial models within the public markets. The confidential filing allows the firm to maintain privacy regarding sensitive financial and operational details until closer to the actual listing.

Figure Technology Solutions utilizes its proprietary blockchain, Provenance, to streamline loan origination, servicing, and trading. This approach aims to reduce costs, enhance transparency, and improve operational efficiency in traditional lending processes. The company focuses on home equity lines of credit (HELOCs) and other financial products. Figure has originated over $5 billion in HELOCs, supported by partnerships with companies like Credit Karma and Guaranteed Rate.

The IPO filing comes amidst increasing interest in blockchain fintech and a more accommodating regulatory environment. In March 2025, the SEC updated its policies to broaden eligibility for nonpublic draft submissions, providing firms with greater flexibility in preparing for public listings. Several other crypto-related companies, including BitGo, Circle, Grayscale, and Gemini, have also filed or launched IPO activity.

Figure's potential IPO could serve as a benchmark for how public markets perceive and value blockchain-enabled financial models. A successful IPO could position Figure as a leader in blockchain-based lending platforms. The company's focus on HELOCs, a substantial $1 trillion market, gives it a distinct advantage.

The exact timing, pricing, and valuation details of the IPO remain undisclosed. These details are contingent upon market conditions and SEC review. Once the SEC approves the documentation, it will be made public, providing investors with a clearer understanding of Figure's financial health and strategic direction.

Figure's strategic focus on blockchain-based lending positions it as a pioneer in real-world asset tokenization. A $355 million blockchain-based securitization transaction demonstrates institutional confidence in its model and highlights the firm's readiness for expansion. The company reported a 60% year-over-year revenue increase in 2024, driven by HELOC originations and the blockchain securitization deal.

Figure's potential IPO is part of a broader trend of crypto and blockchain firms seeking public offerings to secure capital and validate their business models. Figure aims to access public capital to expand its blockchain-based financial services platform. The company specializes in home equity financing and secondary market activity and positions itself as the largest non-bank provider in the segment.

Prior to the IPO filing, Figure merged with Figure Markets, a blockchain-based trading platform, to strengthen its service offerings and consolidate its origination and trading infrastructure. Figure Markets also launched a yield-bearing stablecoin backed by money market instruments.

Figure Technology Solutions was founded in 2018 by Mike Cagney. The company's platform, Figure Connect, facilitates private credit trading with standardized agreements. Figure Connect's advantages include warehouse lines to manage cash flow, hedging to manage market risk, and infrastructure that automates loan sales and deliveries on a public, transparent blockchain. Victory Park Capital and other investors, such as Apollo Ventures and Bossa Invest, have invested in Figure Technology Solutions.

Figure's earlier confidential filing in March 2024 was paused due to market uncertainty, but the current environment, characterized by rising crypto prices and stock market highs, has prompted a restart. Regulatory scrutiny on crypto remains intense, with ongoing debates over stablecoin oversight and asset tokenization.