Figure Technology, a seven-year-old blockchain lending company, has submitted an application to list its Class A common stock on NASDAQ, with Goldman Sachs, Jefferies, and Bank of America Securities serving as lead underwriters.

The number of shares to be offered and the price range have not yet been determined.

In its IPO filing, Figure reported that revenue grew 22.4% to $191 million for the six months ended June 30, while achieving a profit of $29 million for the same period, compared to a loss of $13 million in the prior year period.

This filing provides an opportunity for Figure co-founder Mike Cagney to prove himself once again. Cagney previously founded SoFi (Social Finance Inc.) but left the personal finance platform in 2017 following sexual harassment allegations. SoFi went public in 2021 through a SPAC merger and has performed quite well as a public company — its stock has risen over 200% in the past year, with Q2 2025 revenue growing 44%.

Since its founding in 2018, Figure has become one of the major players in blockchain lending, with its loan origination system and capital markets having over 160 partners. Figure claims to be the largest non-bank home equity line of credit provider.

The company was co-founded by Cagney and his wife Ou Jun, utilizing its Provenance blockchain technology to accelerate the approval process for home equity loans, mortgage refinancing, and student and personal loans.

In May this year, Figure announced its expansion into cryptocurrency lending and signed a financing agreement with Victory Park Capital for what Figure calls the industry's first securitization pool for crypto-backed loans. This product allows asset holders to borrow against their Bitcoin and Ethereum holdings, with loan-to-value ratios up to 75%.

The terms of the deal with Victory Park Capital have not been disclosed.

Cagney has a history of bold regulatory moves. As reported in late 2020, in the final days of Trump's first administration, Figure applied for a U.S. national banking charter that would have allowed it to accept uninsured deposits over $250,000 from qualified investors while bypassing traditional FDIC and Federal Reserve oversight. This approach could have provided a template for other fintech and retail companies to obtain non-traditional banking licenses, enabling them to offer high-yield financial products while avoiding such regulations. However, due to broader challenges facing the fintech industry, Figure withdrew its application last year.

During this period, the company underwent significant changes in leadership and organizational structure. In April 2024, Figure appointed Michael Tannenbaum, former COO of Brex, as CEO. Tannenbaum had previously worked with Cagney as SoFi's Chief Revenue Officer.

In early 2024, Cagney also took an unusual corporate step by spinning off Figure Markets as an independent digital asset exchange engaged in cryptocurrency trading, crypto-backed lending, and stablecoin business. However, just over a year later, in July this year, Figure changed strategy and remerged the two entities.

The company states that this strategy enables it to capitalize on the massive and growing opportunities in real-world asset tokenization. (Real-world asset tokenization refers to converting traditional assets such as mortgages, real estate, loans, and even artwork into digital tokens that can be traded on blockchain networks. Major financial institutions like BlackRock and JPMorgan have recently entered this space.)

Notably, this is not Figure's first attempt to go public. The company previously planned to go public through a merger with a SPAC called Figure Acquisition Corp, but the deal fell through due to challenges including rising interest rates and high redemption rates. The blank-check company later delisted from the New York Stock Exchange.

Figure's backers include Apollo Global Management and Ribbit Capital. In 2022, the company also planned to merge with mortgage lender Homebridge Financial Services, but failed to complete the transaction 10 months after announcing the merger, citing regulatory delays.

Industry observers are not surprised by this IPO filing. On one hand, Figure (whose last funding round was in 2021, raising $200 million at a $3.2 billion valuation) announced several weeks ago that it had submitted a confidential IPO statement. Additionally, the timing aligns with a wave of cryptocurrency-related companies seeking to go public — encouraged by Circle Internet Group's successful public listing in June and the Trump administration's full support for the cryptocurrency industry and related legislation.

Circle's stock surged over 500% in the first two weeks of its public market debut. Crypto exchange Bullish also fueled this momentum, with its stock more than doubling on its first day of trading last week.

On Friday, crypto exchange Gemini, owned by the Winklevoss twins, also submitted an IPO application, despite reporting a net loss of $282.5 million for the first half of 2025.