In a significant move within the evolving landscape of cryptocurrency, Figure, a blockchain-powered lender founded by SoFi co-founder Mike Cagney, has recently filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). This marks Figure as a noteworthy participant in the burgeoning wave of crypto IPOs in 2025. The company intends to list its Class A shares on the Nasdaq under the ticker symbol FIGR, with major investment firms including Goldman Sachs, Jefferies, and BofA Securities acting as lead underwriters.
Figure’s journey toward the public markets has been a complex one, evolving over several years. Back in 2021, the firm initiated a special purpose acquisition company (SPAC) known as Figure Acquisition Corp. I, which successfully raised $250 million with the objective of acquiring growth-stage businesses. This initiative was intended to leverage Provenance, Figure’s blockchain infrastructure, to enhance operational efficiency. However, the SPAC did not ultimately facilitate Figure’s market entry.
The current environment for digital asset firms appears more favorable, largely due to regulatory changes and a robust market climate. A shift toward a more accommodating regulatory framework under the Trump administration, coupled with thriving crypto and stock markets, has encouraged various digital asset entities to explore equity financing. This includes notable players such as Bullish, the owner of CoinDesk, who have also sought public listings.
In a strategic step last month, Figure completed a merger with Figure Markets, a blockchain marketplace that Cagney also founded. This platform is known for issuing YDLS, a yield-bearing stablecoin designed as a tokenized money market fund. The merger is expected to strengthen Figure’s position in the digital finance ecosystem.
According to the financial information disclosed in Figure’s S-1 filing with the SEC, the company reported a remarkable 22.4% increase in revenue for the first half of 2025, reaching $190.6 million. This performance contrasts sharply with the previous year, as Figure achieved a net income of $29 million, a significant turnaround from a $13 million loss in 2024. The filing indicates that the proceeds from the upcoming IPO will be allocated toward working capital and potential acquisitions, with no plans for dividend distribution at this time.
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As Figure navigates this pivotal moment in its corporate trajectory, it stands as a testament to the evolving dynamics of the cryptocurrency sector in 2025. The company aims to capitalize on the favorable conditions and reshape how digital finance operates, particularly in lending.
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