Figure Technology Files Nasdaq IPO Amid Crypto Sector Surge

Figure Technology Solutions, a blockchain-based lender founded by Mike Cagney, has filed for an initial public offering (IPO) on Nasdaq under the ticker symbol "FIGR," with Goldman Sachs, Bank of America, and Jefferies Financial Group as lead underwriters. The company reported strong financial performance in early 2025, with revenues rising over 22% to nearly $191 million and net income turning positive at $29 million after a prior loss. Figure has facilitated more than $16 billion in blockchain loans and over $50 billion in on-chain transactions, leveraging blockchain to enhance liquidity and transparency in financial markets. The IPO proceeds are intended to improve working capital and support potential acquisitions as the company rebrands and expands its blockchain lending and asset tokenization platform. This public offering is part of a broader surge in crypto company IPOs, enabled by a favorable regulatory environment under the Trump administration. Figure's earlier attempt to go public via a SPAC in 2021 was unsuccessful, but the current market conditions and business restructuring have positioned it for a successful listing.