- Figure aims to raise $526 million in its IPO, valuing the blockchain lending provider at $4.3 billion.
- IPO momentum is building as exchanges such as Gemini, Kraken, and Bullish drive a wave of crypto listings.
- The company’s focus has shifted from consumer lending toward blockchain-based finance, attracting growing investor interest.
Blockchain-focused lender Figure Technology Solutions is preparing to raise $526 million in an upcoming initial public offering (IPO), according to regulatory filings released Tuesday and reported by Bloomberg Law.
The company plans to sell 21.5 million shares at a price range of $18 to $20 per share, with about 4.9 million shares expected to come from existing shareholders.
At the top end of that range, the IPO would value Figure at roughly $4.3 billion.
Figure first signaled public market ambitions last month when it submitted a confidential filing to regulators, followed by a formal submission to the Securities and Exchange Commission (SEC) on August 18.
Latest documents indicate the company is targeting September 10 as the IPO pricing date.
The valuation has climbed steadily since Figure’s Series D financing round in 2021, when it raised $200 million in a deal led by 10T Holdings that valued the company at $3.2 billion.
Recently, Figure has shown revenue momentum: first-half 2025 revenue reached $191 million.
From consumer lending to blockchain infrastructure
While Figure is now recognized for its blockchain-driven financial products built on the Provenance blockchain, the company initially focused on consumer lending.
Its first product was a digitized home equity line of credit for U.S. homeowners before expanding into blockchain infrastructure designed to streamline lending, securitization, and related processes.
By leveraging blockchain technology, Figure has positioned itself at the intersection of traditional finance and decentralized systems to deliver faster, more transparent, and lower-cost financial solutions.
This strategic shift has helped distinguish the company from fintech competitors and attract investor interest in its long-term growth prospects.
Crypto IPO momentum rises
Figure’s push to go public comes as an increasing number of crypto and blockchain firms seek listings amid the current bull market cycle.
On Tuesday, crypto exchange Gemini also filed for an IPO seeking $317 million.
Rival exchange Kraken is reportedly aiming to raise roughly $500 million at a valuation near $15 billion, although some reports suggest it may delay its public debut until 2026.
Several high-profile listings this year have already set precedents.
In August, digital asset exchange operator Bullish launched its IPO with shares priced at $37, and the stock surged as much as 218% on its first trading day.
Despite pullbacks, Bullish’s shares still imply a market capitalization of roughly $9.6 billion—well above its $4.8 billion IPO valuation.
Stablecoin issuer Circle also completed an IPO that raised about $1.1 billion; its shares more than doubled on the first day of trading and the company now commands a market capitalization of roughly $30 billion.
Gemini, run by Cameron and Tyler Winklevoss, is also preparing for a public debut and aims to raise $317 million at an approximate $2.2 billion valuation.
Beyond traditional IPOs, the industry is exploring alternative routes to public markets.
A group of crypto executives recently launched Bitcoin Infrastructure Acquisition Corp, a Cayman Islands–based special purpose acquisition company (SPAC) that seeks to raise $200 million through an IPO.