Figure Technologies, co-founded by Mike Cagney of SoFi fame, has submitted filings with the U.S. Securities and Exchange Commission outlining a proposed initial public offering on the Nasdaq under the ticker “FIGR.” The offering seeks to raise up to $526 million, valuing the company at approximately $4.13 billion. Major investment banks, including Goldman Sachs, Jefferies and Bank of America Securities, have been appointed as lead underwriters.
Business Model and Provenance Blockchain
Since its inception, Figure Technologies has focused on tokenizing real-world assets, primarily home equity lines of credit (HELOCs). Utilizing the Provenance blockchain, the platform has originated over $16 billion in loans, enabling rapid loan processing, secondary market liquidity and transparent collateral management. The blockchain rails aim to reduce operational friction by digitizing loan documentation and automating compliance checks.
Mergers and Strategic Growth
In early 2025, Figure Technologies completed a merger with Figure Markets, a subsidiary specializing in blockchain-based marketplaces and stablecoin issuance. Figure Markets issues the YDLS token, designed as a yield-bearing stablecoin backed by diversified money-market instruments. The integration expands the firm’s addressable market and provides cross-platform synergies in lending, trading and asset management.
Market Positioning and Risks
The IPO will test investor appetite for real-world asset (RWA) tokenization ventures amid broader crypto valuations. While the model has attracted institutional interest for its efficiency and regulatory alignment, risks include regulatory scrutiny, credit performance of underlying loans and market adoption of blockchain-based financial products. The net proceeds are expected to fund technology development, marketing expansion and potential acquisitions in the fintech and DeFi sectors.
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