In the first half of 2025, Figure Technologies' revenue soared 22% year-over-year, reaching $191 million.

Figure Technology Solutions, a blockchain-based lending institution co-founded by former SoFi CEO Mike Cagney, has publicly filed for an initial public offering on Monday.

This blockchain company has become the latest among a growing number of cryptocurrency-focused companies looking to go public.

Figure reported a 22% year-over-year growth.

The New York-based company stated in a filing with the U.S. Securities and Exchange Commission that its revenue soared 22% year-over-year in the first half of 2025, reaching $191 million. Figure Tech also reported a net income of $29.1 million.

The company reported a net loss of $15.6 million, compared to $12.5 million in revenue during the same period last year.

The initial public offering will be listed on Nasdaq under the ticker symbol 'FIGR'. Goldman Sachs, Jefferies Financial Group, and Bank of America are the lead underwriters.

FIGR is set to make its debut, with IPO momentum building.

Figure, which develops blockchain technology to facilitate loans, initially announced its IPO plans earlier this month. The company secretly submitted a draft registration statement to the U.S. Securities and Exchange Commission to propose the initial public offering of its equity securities.

The IPO application comes as Figure continues to work on launching an interest-bearing stablecoin that will be regulated as a security in the U.S.

Additionally, due to the wave of industry IPOs, the bull market of 2024-2025 is particularly attractive. Cryptocurrency exchange operator Bullish made its debut with an IPO priced at $37 per share, valuing the exchange at $5.4 billion and raising $1.1 billion.

Previously, stablecoin issuer Circle and Bitcoin-friendly design platform Figma went public, with Circle planning to launch a national trust charter.

"The IPO is a step in the long process of bringing blockchain into every aspect of the capital markets," Cagney said in a filing on Monday, adding that blockchain can do more than just disrupt existing markets.

"By putting historically illiquid assets (like loans) on-chain, blockchain can bring liquidity to markets that have never had liquidity," he added.

Figure Technologies raised $200 million in a funding round in 2021, with a valuation of $3.2 billion.