Mike Cagney’s Figure Technology publicly files for IPO; revenue grows 22% in first half of 2025

The Block

SoFi co-founder Mike Cagney's blockchain-powered lender Figure Technology Solutions Inc. publicly filed for an initial public offering on Monday, following its draft registration earlier this month.

According to Figure's public S-1 filing with the Securities and Exchange Commission, the IPO will list the company's Class A common stock on the Nasdaq under ticker symbol FIGR. Goldman Sachs, Jefferies and BofA Securities are its lead underwriters.

Proceeds from the IPO are set to fund general corporate purposes, including working capital and potential acquisitions, with no immediate plans for dividends, the filing said.

The New York-based firm's business model centers on leveraging blockchain technology to streamline lending, trading, and investing. The company's ecosystem revolves around Provenance Blockchain, a distributed proof-of-stake network where Figure holds 20% of the utility token HASH.

"We see the value proposition of blockchain extensible to every asset class," Cagney said in the filing. "Just as there is a Magnificent Seven of stocks in web 2.0 today, I believe there will be a comparable set of companies representing blockchain technology in web 3.0. Our IPO moves us closer to being a leader in that peer set."

The S-1 showed that Figure's revenue surged 22.4% year-over-year to $190.6 million in the first half of 2025, with a net income of $29 million during the period. The company saw a $13 million net loss in the same period last year.

As of June 30, the company held $1.27 billion in total assets, $395 million in cash and cash equivalents, as well as $404.5 million in stockholders' equity, though it carried an accumulated deficit of $291.7 million.

While the filing does not explicitly state an exact valuation for Figure's IPO, the company had raised $200 million in a funding round in 2021 at a $3.2 billion valuation.

Figure joins a list of blockchain companies aiming to launch IPOs, including Grayscale and BitGo. Crypto platform Bullish recently saw its shares jump over 150% on their NYSE debut day last Wednesday.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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Mike Cagney’s Figure Technology publicly files for IPO; revenue grows 22% in first half of 2025

Divulgación de riesgos