Blockchain Lender Figure Technologies Targets $4.13 Billion IPO
Figure Technologies, a blockchain-native lending platform, announced on Tuesday that it is seeking a valuation of up to $4.13 billion in its upcoming initial public offering (IPO), marking the latest crypto firm to capitalize on revived investor enthusiasm for public listings.
The renewed momentum is fueled by regulatory clarity and strong inflows into crypto-focused exchange-traded funds (ETFs), which have accelerated institutional adoption of digital assets. Successful public debuts by companies like crypto exchange Bullish (BLSH.N) and stablecoin issuer Circle (CRCL.N) have further encouraged blockchain firms to go public.
IPO Details and Financial Outlook
Figure and some of its existing investors plan to sell 26.3 million shares in the IPO, with prices expected between $18 and $20 per share, aiming to raise up to $526.3 million, as reported by Reuters.
The company, co-founded in 2018 by tech entrepreneur Mike Cagney, operates a platform for lending, trading, and investing in consumer credit and digital assets. Figure claims it can fund home equity loans in just 10 days, compared with the industry average of 42 days.
Financially, Figure swung to a profit of $29 million for the six months ended June 30, up from a loss of $13 million in the same period last year.
“Investors in this space tend to be patient because they see the long-term potential—especially with regulatory hurdles starting to clear and adoption continuing to grow,” said Jeff Zell, senior research analyst at IPO Boutique.
Market Context and Analyst Insight
Tuesday also saw Swedish fintech Klarna and crypto exchange Gemini, backed by the Winklevoss twins, launch IPO roadshows.
“With the current administration strongly supportive of the space, the (IPO) pipeline is likely to remain active for well-structured, compliance-forward players,” said Josef Schuster, CEO of IPOX.
The IPO will be underwritten by Goldman Sachs, Jefferies, and BofA Securities, and Figure will be listed on the Nasdaq under the ticker “FIGR”.
