SoFi co-founder Mike Cagney's blockchain lending company Figure files for NASDAQ IPO, with revenue growth of 22% year-over-year.

The blockchain fintech sector welcomes another heavyweight IPO. Figure Technology Solutions Inc., founded by SoFi co-founder Mike Cagney, officially submitted its S-1 filing to the U.S. Securities and Exchange Commission (SEC) on Monday after filing a draft earlier this month, planning to list on NASDAQ under the ticker symbol FIGR. This company, which simplifies lending and investment processes with blockchain, is expected to see a significant rise in revenue of 22% in the first half of 2025 and has successfully returned to profitability.

IPO Details and Use of Proceeds

According to public documents, the main underwriters for Figure’s IPO include Goldman Sachs, Jefferies, and Bank of America Securities.

Listing Location: NASDAQ

Stock Symbol: FIGR

Use of proceeds: general company operating funds and potential acquisitions

Dividend Policy: No dividend distribution plan at the moment.

Business Model: Provenance Blockchain Ecosystem

Figure’s core business revolves around the Provenance Blockchain, which is a decentralized proof of stake (PoS) network. Figure holds 20% of the utility tokens HASH in it.

The company is committed to simplifying the lending, trading, and investment processes using blockchain technology, and expanding application scenarios to all asset classes. Mike Cagney stated in the document:

“Just as the seven tech giants emerged with Web 2.0, I believe that Web 3.0 will also give birth to a group of leading companies representing Blockchain technology. Our IPO is an important step towards leadership.”

Financial Report Highlights: return to profitability

The S-1 filing shows that Figure achieved revenue of $190.6 million in the first half of 2025, a rise of 22.4% year-on-year; net profit of $29 million, compared to a loss of $13 million in the same period last year.

As of June 30, the company’s financial status is as follows:

Total assets: 1.27 billion USD

Cash and cash equivalents: $395 million

Shareholders’ equity: $404.5 million

Cumulative loss: 291.7 million USD

Although the document did not disclose the target valuation for this IPO, Figure raised $200 million at a valuation of $3.2 billion in a round of financing in 2021.

Blockchain Company IPO Rise Heating Up

Figure’s IPO plan allows it to join the ranks of blockchain companies like Grayscale and BitGo that are also preparing for an IPO.

Recently, the cryptocurrency exchange platform Bullish saw its stock price soar over 150% on its first day of trading on the New York Stock Exchange, indicating that market enthusiasm for blockchain and crypto-related stocks is warming up.

Conclusion

The public listing of Figure is not only another significant move by Mike Cagney in the fintech sector, but also reflects the accelerating penetration of Blockchain technology into traditional financial markets. With rising revenues and improving profitability, the IPO of FIGR will become an important indicator for capital markets and the crypto industry in 2025. For more updates on Blockchain and IPOs, please follow the official Gate platform.