- Figure aims to raise $526 million in its initial public offering, valuing the blockchain lender at about $4.3 billion.
- IPO momentum is building as Gemini, Kraken and Bullish drive a wave of cryptocurrency listings.
- The focus has shifted from traditional lending roots to blockchain-based financing, increasing investor interest.
Figure Technology Solutions, a lender focused on blockchain-based financial products, is preparing to raise $526 million through its upcoming initial public offering, according to regulatory filings submitted 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 approximately 4.9 million of those shares expected to come from existing shareholders.
At the top of that price range, the IPO would value Figure at roughly $4.3 billion.
Figure first signaled its intention to go public last month by filing confidentially with regulators, followed by a formal filing with the Securities and Exchange Commission (SEC) on August 18.
Recent documents indicate the company is targeting September 10 as the pricing date for the offering.
The company’s valuation has risen since its Series D financing in 2021, when Figure raised $200 million in a deal led by 10T Holdings that valued it at $3.2 billion.
Figure recently reported financial momentum, recording $191 million in revenue in the first half of 2025.
From Consumer Lending to Blockchain Infrastructure
Although Figure is now known for blockchain-driven finance built on its Provenance blockchain, the company originally focused on consumer lending.
Its initial offering was a digitized home equity line of credit in the U.S. before expanding into blockchain infrastructure to streamline loan origination, securitization and related processes.
By leveraging blockchain technology, Figure positioned itself at the intersection of traditional finance and decentralized systems, aiming to deliver faster, more transparent and lower-cost financial solutions.
This strategic shift helped the company distinguish itself from other fintech competitors and attracted investor interest in its long-term growth prospects.
Crypto IPO Momentum Accelerates
Figure’s listing effort comes as a growing number of crypto and blockchain companies pursue public markets during the ongoing bull cycle.
On the same day, crypto exchange Gemini also filed for an IPO seeking to raise $317 million.
Rival exchange Kraken has been rumored to pursue a $500 million fundraising at a valuation near $15 billion, though reports suggest it may delay its public debut until 2026.
Several high-profile offerings this year have already set precedents.
In August, crypto exchange operator Bullish launched its IPO with an initial share price of $37 and saw shares surge as much as 218% on the first day of trading. Despite recent pullbacks, Bullish still maintains a market capitalization of about $9.6 billion, compared with an IPO valuation of $4.8 billion.
Similarly, stablecoin issuer Circle completed an IPO that raised around $1.1 billion, with shares more than doubling on the first trading day. The company now holds a market capitalization of roughly $30 billion.
Gemini, founded by Cameron and Tyler Winklevoss, is also preparing for its public debut and aims to raise $317 million at a reported valuation near $2.2 billion.
Beyond traditional IPOs, the industry is exploring alternative routes to public capital.
A group of crypto executives recently formed Bitcoin Infrastructure Acquisition Corp, a Cayman Islands–based special purpose acquisition company (SPAC) seeking to raise $200 million in an IPO.