Figure Technology, a seven -year Blockchain -based borrowing company, has deposited an IPO of Class A shares in Nasdaq, with Goldman Sachs, Jefferies and Bofa Securities to serve as head of bookrunners.
The number of shares they offer and the price range has not yet been specified.
The figure reports in the IPO documents that its revenue increased by $ 22.4% to $ 191 million in the six months of June 30 and reported a profit of $ 29 million in the same period, compared to $ 13 million loss last year.
The deposit offers justice an opportunity for the co -founder of the Mike Cagney number, who previously built Sofi before leaving the personal funding platform in 2017 following allegations of sexual harassment. SOFI has published in 2021 through a SPAC merger and has done quite well as a public company – its stock is over 200% in the past year and its revenue increased by 44% in the second quarter of 2025.
Since its founding in 2018, Figure has been established as one of the biggest blockchain lending, supporting more than 160 partners for the loan system and the capital market. Figure claims to be the largest non -credit provider for credit.
The company, founded by Cagney with his wife June ou, uses blockchain technology through blockchain of origin to accelerate approvals for home loans, mortgage refinancing and student loans.
In May, the number stated that it was also expanded to encryption lending, signing a funding agreement with Victory Park Capital for the amount described as the first securitized tank loans supported by encrypted loans. This product allows property owners to borrow against Bitcoin and Ethereum Holdings with a loan indicators of up to 75%.
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The terms of this Victory Park treatment were not disclosed.
Cagney has a historical ambitious regulatory movements. As TechCrunch said at the end of 2020, during the last days of Trump’s first administration, the percentage applied for a map of the US National Bank that would allow it to accept uninsured deposits exceeding $ 250,000 from accredited investors, while avoiding Fed The approach could have created a standard for other Fintech and Retail companies to obtain non -traditional banking maps and offer lucrative financial products, while avoiding such supervision, but the figure withdrew the implementation of FINTECH.
The company has in the meantime have undergone significant leadership and organizational changes. In April 2024, the number was appointed by Michael Tannenbaum, a former Brex COO, as CEO. Tannenbaum previously worked with Cagney as head of Sofi’s revenue.
And in an unusual corporate maneuver, Cagney overcame the schemes in early 2024, creating an autonomous exchange of digital assets for Crypto trading, encrypted loans and stablecoins. But just over a year later, in July, the number reverses the course and put the two entities back together.
The company says the strategy puts it to capture a huge and increasing opportunity in the real element of the asset. (The real world of assets involves the conversion of traditional assets such as mortgage loans, real estate or loans-and art-in digital brands that can negotiate in blockchain networks.
It is worth noting that this is not the figure’s first attempt to go public. The company previously planned to record through a merger with a SPAC called CORP acquisition imageBut the agreement was abolished due to increasing interest rates and redemption rates, including challenges. The empty control company was later transferred from the New York Stock Exchange.
Figure whose supporters include Apollo Global Management and Ribbit Capital also failed to complete a scheduled merger With the financial loan lender services in 2022, citing regulatory delays 10 months after the connection was announced.
IPO deposit is no surprise to industry observers. For one, the figure – which last brought $ 200 million in 2021 in a $ 3.2 billion assessment – announced Before that he had filed a confidential statement for an IPO. In addition, the timetable is in line with a growing wave of companies related to public entries, encouraged by the highly successful Circle Internet Group debut in June and the full support of the Trump administration for the encryption and encryption sector legislation.
Circle’s shares rose more than 500% in the first two weeks on the public market. Crypto Exchange Bullish has added to the dynamic as its shares more than doubled The first day of trading last week.
On Friday, Winklevoss Twins’s Crypto Exchange Gemini was deposited for an IPO despite a net loss of $ 282.5 million in the first half of 2025.
