Figure Technologies, a prominent blockchain-based financial services firm, has filed for an initial public offering (IPO) on the Nasdaq, signaling a significant milestone for the integration of decentralized technology into mainstream capital markets. This move positions Figure as one of the pioneering blockchain-native companies to seek a public listing in the United States, notably arriving at the public markets with a demonstrated record of profitability.
The S-1 filing, made public recently, reveals robust financial performance for Figure Technologies, underscoring the increasing demand and viability of its blockchain-powered lending platform. Key highlights include:
- For the first half of 2025, the company reported revenues of $191 million.
- Net profit for the same period reached $29 million.
- This marks a notable turnaround from a $13 million loss incurred during the corresponding period in 2024.
- Figure intends to trade under the ticker symbol FIGR.
- Goldman Sachs, Jefferies, and BofA Securities have been named as lead underwriters for the offering.
Transforming Capital Markets with Blockchain
Established in 2018 by former SoFi CEO Mike Cagney and June Ou, Figure Technologies has emerged as a key innovator in the financial sector. The company has facilitated over $16 billion in home equity loans through its proprietary blockchain platform. This platform distinguishes itself by tokenizing credit assets and seamlessly connecting them with institutional capital markets, having forged partnerships with more than 160 financial institutions. The ability of Figure to achieve profitability prior to its public debut differentiates it within the digital asset space, where many companies still rely on growth projections over current earnings. As stated in the S-1 document, the company expresses confidence that “the efficiency and transparency of blockchain-based lending can transform capital markets.”
A Broader Trend of Blockchain Public Listings
Figure’s decision to go public aligns with a growing trend of cryptocurrency and blockchain-related entities pursuing IPOs in 2025. This year has already seen stablecoin issuer Circle become publicly traded, and reports indicate that Gemini has also submitted a listing proposal. As a blockchain “unicorn” that has successfully navigated the path to profitability, Figure stands out in its ambition to bridge traditional capital markets with decentralized infrastructure, potentially setting a precedent for future innovations at the intersection of finance and distributed ledger technology.
Former Wall Street analyst turned crypto journalist, Marcus brings a decade of expertise in trading strategies, risk management, and quantitative research. He writes clear, actionable guides on technical indicators, portfolio diversification, and emerging DeFi projects.