Figure Technology has filed for an initial public offering on the Nasdaq under the name 'FIGR' after achieving revenues of $191 million.
The company has facilitated loans worth over $16 billion via blockchain technology and transactions across blockchains worth over $50 billion.
Figure Technology, a leader in blockchain lending, has officially filed for an IPO on the Nasdaq. The company is one of many cryptocurrency firms benefiting from the current favorable regulatory environment under this administration. Figure intends to trade under the ticker symbol 'FIGR', with some of the largest investment banks managing the offering.
Strong financial performance drives the decision for the IPO
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By early 2025, Figure Technology achieved significant financial development, with revenues reaching approximately $191 million. This represents a remarkable improvement of 22% compared to last year's performance.
The company has succeeded in improving its operations that were previously incurring losses, achieving record profits of $29 million after having incurred losses of $13 million previously.
Figure Technology was co-founded by Mike Cagney, the former founder of the fintech giant SoFi. It is a company working on Provenance blockchain technology, offering lending services and asset tokenization for institutional clients. In the fourth funding round of 2021, raising $200 million, the company's valuation reached $3.2 billion.
Throughout its history, the lending platform has facilitated over $16 billion in blockchain-based loans. Figure has also enabled transactions across blockchains exceeding $50 billion in a range of financial products. Underwriters for the offering will include Goldman Sachs, Bank of America, and Jefferies Financial Group.
Cagney confirmed the ability of blockchain technology to eliminate financial intermediaries and their costs. He is convinced that digital assets can revolutionize markets that have traditionally lacked liquidity, providing a new level of transparency and liquidity options. Cagney sees blockchain technology as a means to reduce the profit-seeking in financial services.
Figure's announcement of its initial public offering follows the successful IPO of Circle Internet Group, which attracted significant interest from investors. Several cryptocurrency companies have also recently been listed on the stock market, such as the Gemini and Bullish Holdings exchanges. Bullish was listed on the New York Stock Exchange in August, with its stock rising more than 200% initially.
The cryptocurrency sector has seen a new glimmer of hope following regulatory clarity and favorable government policies. BitGo and Grayscale, both cryptocurrency custody firms and ETF providers, have recently filed for initial public offerings. Industry observers expect Kraken Exchange to plan its IPO in 2020.
Figure's move indicates a broader institutional use of blockchain technology in traditional financial services. The success of the company may drive more fintech firms to explore opportunities in the public market.
