Figure Technology Solutions Files for IPO, Marking a Milestone in Blockchain Finance

Figure Technology Solutions, a blockchain-based lending platform co-founded by Mike Cagney, has publicly filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The company plans to list its shares on the Nasdaq under the ticker symbol "FIGR," with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.

In its filing, Figure reported a 22.4% increase in revenue, reaching $191 million in the first half of 2025. The company also achieved a net profit of $29 million during this period, marking a significant turnaround from a $13 million loss in the same period of 2024.

Founded in 2018 by Mike Cagney, who previously co-founded SoFi, Figure leverages blockchain technology to streamline lending processes. The company's platform has originated over $16 billion in home equity loans to date.

The IPO filing comes amid a favorable U.S. regulatory environment for cryptocurrency and blockchain technologies. The Trump administration's supportive stance has facilitated successful market entries by other digital asset firms, such as Circle and Gemini.

Mike Cagney will retain majority voting power post-IPO, ensuring continued influence over the company's strategic direction.

Figure aims to expand the use of blockchain in capital markets by improving liquidity for traditionally illiquid assets like loans. Cagney stated, "Blockchain can do more than disrupt existing markets. By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such."

The company's IPO is part of a broader trend of blockchain and cryptocurrency companies entering public markets, reflecting growing investor confidence in the sector and the maturation of blockchain-based financial services.

Figure's successful financial turnaround and strategic objectives position it as a significant player in the evolving landscape of fintech and blockchain adoption.