Figure Technology Solutions disclosed a 22% revenue increase for the first half of 2025 in securities filings Monday, joining a growing number of cryptocurrency-related companies preparing to enter public markets under the Trump administration's more favorable regulatory environment.
What to Know:
- Figure's revenue jumped 22.4% to $191 million in the first six months of 2025, while the company swung to a $29 million profit from a $13 million loss the previous year
- The blockchain lending platform has originated over $16 billion in home equity loans through its network of more than 160 partners since its 2018 founding
- Figure plans to list on Nasdaq under the ticker "FIGR" with Goldman Sachs, Jefferies and BofA Securities serving as lead underwriters
The filing comes as digital asset companies capitalize on improved market conditions and regulatory clarity. Circle, the stablecoin issuer, recently completed a successful public debut, setting the stage for additional cryptocurrency sector listings.
The Winklevoss twins' crypto exchange Gemini filed for a New York IPO last week. This wave represents a significant shift from previous years when regulatory uncertainty kept many crypto companies private.
"Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO but also through deSPAC transactions," said Josef Schuster, CEO of IPOX. The reference to blank-check company mergers highlights alternative paths to public markets beyond traditional offerings.
Blockchain-Native Business Model
Figure operates as a blockchain-native platform that facilitates lending, trading and investing across consumer credit and digital assets. Co-founder Mike Cagney launched the New York-based company in 2018, building on his previous experience creating fintech platform SoFi.
The company's approach involves putting traditionally illiquid assets like loans onto blockchain networks. This process aims to create liquidity in markets that historically lacked such mechanisms.
"Blockchain can do more than disrupt existing markets," Cagney stated in the filing. "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."
Cagney will retain majority voting control of Figure following the public offering. Both the company and existing shareholders plan to sell shares in the transaction.
Financial Performance and Market Position
Figure's financial turnaround reflects broader improvements in the cryptocurrency lending sector. The company reported $191 million in revenue for the six months ending June 30, compared to $156 million in the same period of 2024.
The profit swing from a $13 million loss to $29 million gain demonstrates the company's operational improvements. Figure raised $200 million in 2021 at a $3.2 billion valuation, providing a benchmark for potential public market pricing.
The company's lending operations have generated substantial volume since inception. Figure and its partner network have originated more than $16 billion in home equity loans, establishing the platform as a significant player in blockchain-based financial services.
Understanding Key Terms
Several financial and cryptocurrency concepts feature prominently in Figure's business model. Blockchain technology creates distributed ledgers that record transactions across multiple computers, making records difficult to alter retroactively.
DeSPAC transactions involve special purpose acquisition companies, or blank-check companies, that merge with private firms to bring them public. This process has become an alternative to traditional IPOs for many technology companies. Stablecoins represent cryptocurrencies designed to maintain stable values relative to reference assets like the US dollar. Circle's successful public debut demonstrated investor appetite for companies in this space.
Market Outlook
Figure's IPO filing represents broader trends in cryptocurrency adoption and regulation. The Trump administration's more accommodating stance toward digital assets has encouraged companies to pursue public listings after years of regulatory uncertainty.
"The IPO is one step in a long process to bring blockchain to all aspects of capital markets," Cagney noted in the filing. This vision extends beyond traditional lending into comprehensive financial services transformation.
The timing coincides with renewed institutional interest in cryptocurrency investments. Bitcoin and other digital assets have gained mainstream acceptance through exchange-traded funds and corporate treasury allocations.
Closing Thoughts
Figure Technology's IPO filing demonstrates the maturation of blockchain-based financial services and growing investor confidence in the sector. The company's revenue growth and profit turnaround position it well for public market debut amid favorable regulatory conditions for cryptocurrency businesses.