Figure Technology Solutions Inc. filed its S-1 registration statement with the U.S. Securities and Exchange Commission on August 18, 2025, seeking to list on the Nasdaq under the ticker"FIGR". The blockchain-native lending platform disclosed that revenue surged 22.4 percent year-over-year to $191 million in the six months ended June 30, 2025, reversing a $13 million loss a year earlier and achieving a net profit of $29 million. The filing underscores growing institutional interest in crypto-linked financial services, following the high-profile listings of stablecoin issuer Circle and Gemini Trust.
The S-1 indicates that proceeds from the offering will be used for general corporate purposes, including working capital and potential strategic acquisitions. Mike Cagney, co-founder and former CEO of SoFi, will retain majority voting control post-IPO. The filing notes that Figure and its partners have originated over $16 billion in home equity lines of credit via its Provenance Blockchain, demonstrating the scalability of its on-chain lending infrastructure.
The filing arrived as the Trump administration formalized the GENIUS Act, creating a clear legal framework for stablecoin issuers and signaling a pro-crypto policy environment. The act’s passage has bolstered market sentiment, with analysts predicting a wave of domestic crypto listings under a friendlier regulatory regime. Bloomberg Intelligence ETF analyst Eric Balchunas commented that crypto is becoming a leading pillar of the IPO market, with more deSPAC and direct listings anticipated.
Goldman Sachs, Jefferies and Bank of America Securities are acting as lead underwriters. Figure plans to list Class A common stock without immediate plans to issue dividends. The company’s schema reflects a broader trend of institutional adaptation of blockchain technology to traditional financial markets, leveraging tokenized assets and decentralized finance protocols to unlock liquidity in historically illiquid asset classes.
Reporting by Arasu Kannagi Basil and Ateev Bhandari in Bengaluru; Editing by Maju Samuel.
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