Figure secretly files for IPO, blockchain lending leader rides the listing wave
Blockchain lending company Figure Technology Solutions announced on Monday (August 4) that it has secretly submitted IPO application documents to the U.S. Securities and Exchange Commission (SEC), planning to go public later this year. The company, founded by former SoFi CEO Mike Cagney, is the largest non-bank player in the home equity credit industry, having issued over $16 billion in home equity credit lines through the Provenance blockchain.
Figure stated in a press release that the number of shares and price range to be issued have not yet been determined. The company positions itself as a 'blockchain-native capital market, seamlessly connecting lending, funding, and secondary market activities.' Last month, Figure Technology Solutions completed a merger with Figure Markets, which was also founded by Cagney, and is a yield-generating stablecoin issuer whose stablecoin operates in the form of tokenized money market funds.
Cagney confirmed this news on the X platform, stating, 'I know others have discussed this matter, but this is official news.' Figure has raised a total of $120 million in funding since 2019, when Cagney indicated the company's strategy was to find loan solutions for cash-strapped older homeowners.
Bullish aims for a valuation of $4.2 billion, with institutions like BlackRock expressing interest in investing
Cryptocurrency trading platform and media company Bullish submitted an amended F-1 document to the SEC on Monday, planning to issue 20.3 million shares of common stock, with a price range of $28 to $31 per share, aiming to raise between $568 million and $629 million. Based on the upper limit of the price range, the company's valuation will reach $4.2 billion.
Source: SEC Bullish submitted an amended F-1 document to the SEC on Monday, planning to issue 20.3 million shares of common stock
Notably, BlackRock and funds managed by ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. Underwriters also have an additional option to purchase 3.045 million shares, depending on demand.
Bullish, supported by billionaire Peter Thiel, CEO Thomas Farley previously served as president of the New York Stock Exchange. The company operates a cryptocurrency trading platform aimed at institutional clients, providing spot and derivative trading as well as liquidity services, with operations in over 50 jurisdictions, excluding the United States. In November 2023, Bullish acquired the crypto media company CoinDesk for $72.6 million, which is the second-largest cryptocurrency media outlet globally, averaging 4.9 million unique visitors per month in 2024.
Further Reading
Famous foreign media CoinDesk's parent company! Bullish exchange submits confidential IPO application
Bullish exchange reports impressive financials! Annual revenue reaches $300 million, officially launching IPO plans
Improved regulatory environment drives IPO boom, many crypto companies queue up for listings
This wave of IPO enthusiasm among crypto companies benefited from the friendly regulatory environment provided after the Trump administration took office. Last month, President Trump signed the GENIUS Act, providing a preliminary regulatory framework for stablecoins. The House also passed two bills focused on the CLARITY Act (Digital Asset Market Clarity Act) and the Anti-CBDC Act (Anti-Central Bank Digital Currency Monitoring Act) before the August recess.
Stablecoin issuer Circle successfully listed on the New York Stock Exchange in June this year, with its stock price soaring from an IPO price of around $30 to $300, an increase of over 500%, becoming one of the most successful cryptocurrency stock offerings of the year. Motivated by this, several crypto companies are following suit with their listing plans.
Digital asset custodian BitGo submitted its public offering application to the U.S. in July but did not disclose the number of shares or target valuation. Reportedly, the cryptocurrency exchange Kraken plans to raise $500 million through an IPO, with a valuation of approximately $15 billion, significantly up from a previous valuation of $11 billion. Another exchange, OKX, is also reportedly preparing for a U.S. IPO and has recently re-launched services in the U.S.
Asset management company Grayscale has also secretly submitted a draft IPO application. Analysts point out that when assessing these companies, investors often overlook the impact of quarterly cryptocurrency price fluctuations and focus more on their efficiency and profitability as pure exchanges.
Further Reading
Circle's stock surged nearly 200% upon listing! But the IPO allocation has been criticized: Invest millions and only receive a small number of shares
BitGo applies for IPO! Aiming to help compliant banks globally, recently also quietly established in Taiwan
Grayscale secretly applies for IPO! Managing assets worth $50 billion, valuation assessed at once
'The crypto company IPO wave! Figure secretly submits IPO, Bullish valuation reaches $4.2 billion' This article was first published in 'Crypto City'