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Figure Technology Solutions has filed to go public, positioning itself as one of the biggest tokenization players to enter U.S. public markets.
What’s the Scoop?
- IPO Plans: Figure submitted paperwork for a Nasdaq listing under the ticker FIGR. Goldman Sachs, Jefferies, and Bank of America are set to lead the deal.
- Financials: The firm reported $191M in revenue for the first half of 2025, up 22% year-over-year, with $29.1M in net income.
- Tokenization Leader: Figure operates Provenance, a blockchain for lending, which it says powers over $16B in loans and dominates tokenized private credit with more than 70% market share.
- RWA Focus: Provenance has more than $11B in active loans, making it the largest real-world asset blockchain by value locked.
- Valuation History: The company was last valued at $3.2B in a 2021 Series D round, though no target IPO valuation has been disclosed.
Bankless Take:
Nearly all of Figure lending activity (99%) comes from home equity lines of credits, making the business heavily correlated with broader economic conditions. While the firm's flashy blockchain backend should help it enjoy a jubilant IPO, Figure fundamentals suggest it should be valued similar to other fintech plays.
Figure Technology, a seven-year-old blockchain-based lending company, has filed a registration statement with the SEC for an IPO of its Class A common stock. The filing offers a chance at vindication for Figure co-founder Mike Cagney. https://t.co/nm8EuFaA2N
— TechCrunch (@TechCrunch) August 19, 2025