Figure Technology Solutions Announces IPO to Expand Blockchain's Role in Finance

Figure Technology Solutions, a blockchain-based lending platform co-founded by Mike Cagney and June Ou in 2018, has publicly filed for an initial public offering (IPO) in the United States. The company plans to list its shares on the Nasdaq under the ticker symbol "FIGR," with the offering underwritten by Goldman Sachs, Jefferies, and BofA Securities.

In the first half of 2025, Figure reported a 22.4% increase in revenue to $191 million and a profit of $29 million, marking a significant turnaround from a $13 million loss during the same period in 2024. The company has originated over $16 billion in home equity through its blockchain-enabled platform, aiming to improve liquidity for traditionally illiquid assets like loans.

Mike Cagney, who co-founded Figure in 2018, was also the co-founder of fintech company SoFi and stepped down as its CEO in 2017. The IPO announcement aligns with other crypto-linked firms, such as Gemini, entering the U.S. listings market ahead of a post-Labor Day roadshow season reset.

The IPO comes amid favorable U.S. regulatory conditions for crypto under the Trump administration and follows successful market entries by other digital asset firms like Circle and Gemini. Figure aims to expand blockchain use in capital markets by improving liquidity for traditionally illiquid assets like loans.

Figure's IPO is a significant milestone in the convergence of blockchain technology and traditional financial services, reflecting the growing integration of blockchain into mainstream finance.