NEW YORK — Blockchain-focused lending platform Figure Technology Solutions disclosed a 22.4% revenue increase and a return to profitability in its preliminary U.S. IPO filing, signaling renewed investor confidence in crypto-linked companies as they jockey for public market access.
According to its SEC filing, Figure reported $191 million in revenue in the first half of 2025, up from $156 million during the same period last year, and swung to a $29 million profit, reversing a $13 million loss a year earlier. The company’s performance reflects a critical turnaround for a fintech startup co-founded by Mike Cagney—who previously helped build SoFi—and is preparing to trade on Nasdaq under the ticker FIGR.
The Fintech’s Crypto-Enabled Strategy
Figure, founded in 2018, bridges lending, trading, and investing via blockchain-enabled infrastructure. Its platform supports origination of consumer loans and home equity lines, with more than $16 billion in originated loans and over $50 billion in on-chain secondary transactions, the filing states.
The IPO is being underwritten by Goldman Sachs, Jefferies, and Bank of America Securities, with existing shareholders expected to participate in the offering as both new and secondary sale of shares. Cagney will retain majority voting power post-IPO.
IPOX, a leading provider of equity issuance data, noted the trend of crypto-linked finance firms entering public markets.
“Crypto is becoming one of the big pillars of the IPO market,” said IPOX CEO Josef Schuster.
Market Timing and Strategy
The decision to file now comes as the U.S. IPO market enters a seasonal lull ahead of Labor Day. Executives see the timing as ideal to build momentum into a fall roadshow aiming to attract institutional investors.
Industry watchers say these filings follow successful public offerings by other crypto companies like Circle, and amid a regulatory environment that has become more favorable toward digital assets. Figure’s IPO charts the firm’s fourth-year transition from a private startup to a mainstream market contender.
Risks and Opportunities
While Figure’s financial turnaround is notable, analysts caution that public market volatility, regulatory scrutiny on cryptocurrencies, and macroeconomic headwinds could challenge its valuation or execution. Investors will closely watch how the company communicates its growth strategy, customer acquisition cost, and path to sustained profitability post-IPO.
Still, the firm represents a growing intersection of traditional finance and decentralized blockchain infrastructure—where fraud-resistant loan settlement and tokenized liquidity pools could disrupt conventional lending markets.
What to Watch Next: Investors will monitor the IPO price range, roadshow presentations, and filings for revenue projections and risk disclosures. With the broader crypto-technology space still emerging, Figure’s success may pave the way for more digital-asset firms to go public.