Figure Technology has submitted an initial public offer to Nasdaq, reporting revenue of $191 million and net profit of $29 million for the first half of 2025.
The filing, published on August 18, is one of the first cases of blockchain-based lenders, reaching the US public market. According to Reuters, the company will trade with Goldman Sachs, Jeffreys and Bofa Securities under the ticker figure.
The company’s S-1 reveals its financial turnaround from its $13 million loss in the first half of 2024. Demand for blockchain-enabled lending platforms has shifted to profitability.
As Reuters reported, the figure has promoted more than $16 billion in home equity loans and continues to expand its partnerships with more than 160 financial institutions. Founded in 2018 by former Sofi CEO Mike Cagney and June OU, the company has built a core platform centered on tokenizing loan assets and connecting to the capital market.
This move comes amid new crypto-related IPO activities. The Stablecoin Issuer Circle was successfully listed earlier this year, and Gemini applied for its own offering.
Figure filing is consistent with the broader push by digital asset companies to access the public stock market, distinguished by generating profits rather than relying solely on growth forecasts.
A general float tests investor demand for blockchain infrastructures that apply tokenization to real-world assets rather than speculative tokens.
As detailed in the company’s registration statement, the diagram occupys the position as a capital market where origin, funding and secondary transactions occur natively on the blockchain rail.
This design allows you to create, fractionate and trade loan pools with efficiency, providing a practical demonstration of tokenized credits in mainstream finance.
As Reuters pointed out, this approach provides liquidity in traditional illiquid credit markets. This is a use case that has been long debated in digital asset circles, but rarely implemented on a large scale.
IPOs come more widely during the recovery of the US list. PWC data shows an increase in US IPOs after two years of restrained issuance in the first half of 2025, suggesting a more favorable market environment for stock financing.
The diagram’s decision to launch roadshows in post-lab day windows reflects the hopes that investors’ appetites will be carried over into the fall publication cycle. The company’s profitability and revenue growth distinguishes it from many peers and provides a test of whether blockchain-driven lenders can command premium ratings in public places.
As Cagney retains the majority voting rights through a dual-class equity structure, it is expected that the company will remain centralized. Its governance framework reflects many other technology lists and can trigger scrutiny as investors weigh the trade-offs between leadership stability and shareholder impact.
As tokenized loan pools intersect with years of securitization oversight, regulatory factors are also focused, adding a layer of compliance complexity, despite the platform demonstrating actual adoption.
The figure’s debut reveals momentum in the digital asset company’s stream. This offer comes as traditional and encryption and native capital formation continues to converge after months of confidential submissions.
The NASDAQ list of lenders structured on blockchain rails puts tokenized credits before stock investors for the first time in front of stock investors, setting stages on how on-chain lending is valued against both fintech and crypto peers.
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