Following Circle, Figure Sets Sights on IPO

Figure had secretly filed for an IPO earlier this month, joining the process shortly after stablecoin issuer Circle’s high-profile public offering. This move signals a growing appetite among crypto companies in the U.S. to go public, particularly under the crypto-friendly Trump administration.

The company achieved significant financial milestones in the first half of 2025, with revenues rising over 22% year-on-year to $191 million. This marks a turnaround from a $13 million loss in 2024 to a $29 million profit in 2025.

Figure Valued at $3.2 Billion

Founded in 2018 by Mike Cagney and fintech giant SoFi, Figure provides blockchain-focused lending and asset tokenization solutions. During its Series D funding round in 2021, the company raised $200 million, reaching a valuation of $3.2 billion.

According to the IPO filing, Figure has facilitated over $16 billion in blockchain-based loans to date and processed on-chain transactions exceeding $50 billion. CEO Mike Cagney emphasized that blockchain technology not only transforms existing markets but also increases transparency for illiquid assets, creating new investment opportunities.

Rising Crypto IPO Activity in the U.S.

In recent weeks, crypto companies in the U.S. have increasingly filed for IPOs. Bullish Exchange went public on the NYSE on August 13, achieving more than 200% gains in its shares. Gemini, BitGo, and Grayscale have also announced IPO plans, while Kraken is reportedly preparing for an IPO in 2026.

Figure Technology’s IPO filing is part of this growing wave of crypto public offerings in the U.S. With strong financials, a $3.2 billion valuation, and blockchain-based lending solutions, the company’s IPO will be closely watched by investors.

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