The blockchain lending platform Figure has submitted an IPO application, with revenue in the first half of the year surging 22% to $191 million, and plans to launch a regulated interest-bearing stablecoin.

Figure Technology Solutions, a blockchain lending technology company co-founded by former SoFi CEO Mike Cagney, officially submitted its IPO application to the SEC on Monday, planning to log in to Nasdaq (ticker: FIGR). The prospectus reveals impressive performance in the first half of 2025: revenue reached $191 million, a 22% rise year-on-year, and a net profit of $29.1 million (compared to a net loss of $15.6 million in the same period last year). As the latest member of the blockchain fintech IPO wave, Figure is simultaneously advancing an innovative plan: issuing interest-bearing stablecoins regulated under U.S. securities law. Goldman Sachs, Jefferies, and Bank of America are acting as the lead underwriters for this IPO, with the company previously valued at $3.2 billion.

Strong Performance: Turning Losses into Profits, Significant Revenue Rise

Figure, headquartered in New York, showcased its strong financial performance in documents submitted to the SEC. In the first half of 2025, the company's revenue surged to $191 million, marking a significant rise of 22% compared to the same period last year. More notably, the company successfully turned a profit, reporting a net profit of $29.1 million during the reporting period. This stands in stark contrast to the performance in the same period of 2024 (revenue of $12.5 million and a net loss of $15.6 million), reflecting the ongoing optimization of its business model and growth potential.

IPO Plans and Market Positioning

Figure plans to list its Class A common stock on the Nasdaq Stock Market under the ticker symbol "FIGR". This IPO is jointly underwritten by top investment banks Goldman Sachs, Jefferies, and Bank of America. The company announced its intention for the IPO earlier this month and has submitted a confidential draft registration statement. Figure has become the latest member of a series of cryptocurrency and blockchain-related companies seeking to go public. This bull market (2024-2025) has attracted several industry companies to successfully conduct IPOs, such as cryptocurrency exchange operator Bullish, which went public at a price of $37 per share, valuing the company at $5.4 billion and raising $1.1 billion. Earlier, stablecoin issuer Circle and Bitcoin-friendly design platform Figma also logged in to the public market.

Core Business and Innovation: Blockchain Empowering Lending, Targeting the Stablecoin Market

Figure's core business is the development of Blockchain technology to facilitate the loan process. Its technology aims to enhance efficiency, transparency, and accessibility. The company's co-founder and CEO, Mike Kearney, stated in the submitted documents: "The IPO is a step in the long march of bringing Blockchain into every aspect of the capital markets." He further emphasized that the value of Blockchain goes beyond disrupting existing markets: "By recording historically illiquid assets—such as loans—and their performance history on the Blockchain, it can bring liquidity to markets that have never had it." In addition, Figure is continuing to advance an important innovation plan: the launch of a regulated, interest-bearing stablecoin in the United States, which will be regulated as a security. This marks its ambition to expand into a broader digital asset ecosystem.

Financing Background and Valuation

Figure Technologies successfully raised $200 million in a round of financing in 2021, at which time the company's valuation reached $3.2 billion. This IPO will be an important milestone in its development.

Conclusion

The IPO application of Figure Technology Solutions is an important milestone in the process of deeply integrating blockchain technology into the mainstream financial system. Its impressive performance in the first half of the year, especially the turnaround to profitability, provides a confidence foundation for investors. The company's positioning to enhance loan market efficiency through blockchain technology and its innovative plan to launch a regulated interest-bearing stablecoin demonstrate its unique value proposition in the blockchain finance (BlockFi) sector. Under the guidance of top investment banks like Goldman Sachs, FIGR's market performance and the subsequent development of its stablecoin plan will be key indicators for observing the scaling and compliance innovation of blockchain enterprises. With peers like Circle and Bullish going public one after another, Figure's entry will further strengthen the "blockchain fintech stocks" camp in the capital market.