# Crypto Lender Figure Files for IPO

*Author: Bankless*
*Published: Aug 19, 2025*
*Source: https://www.bankless.com/read/crypto-lender-figure-files-for-ipo*

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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](https://t.co/nm8EuFaA2N)— TechCrunch (@TechCrunch) [August 19, 2025](https://twitter.com/TechCrunch/status/1957766509603827821?ref_src=twsrc%5Etfw)
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