- Figure aims to raise $526 million in its IPO, valuing the blockchain lender at about $430 million.
- IPO momentum is building as exchanges and crypto firms like Gemini, Kraken and Bullish push forward with public listings.
- Investor interest is shifting from traditional lending roots toward blockchain-driven financial services.
According to regulatory filings submitted on Tuesday and reported by Bloomberg Law, blockchain-focused lender Figure Technology Solutions is preparing to raise $526,000,000 in an upcoming initial public offering (IPO).
The company plans to offer 21,500,000 shares at a proposed price range of $18 to $20 per share, with approximately 4,900,000 of those shares expected to come from existing holders.
At the high end of that price range, the IPO would value the company at roughly $430 million.
Figure initially indicated its public market intentions last month with a confidential filing to regulators, followed by a formal submission to the U.S. Securities and Exchange Commission (SEC) on August 18.
The latest filing sets a projected IPO pricing date of September 10.
The company’s valuation has gradually increased since its Series D financing in 2021, when it raised $200 million in a round led by 10T Holdings at a $320 million valuation.
More recently, Figure has reported positive financial momentum, posting revenue of $191,000,000 for the first half of 2025.
From Consumer Lending to Blockchain Infrastructure
While Figure is now best known for its blockchain-backed financial products built on the Provenance blockchain, the company began with a focus on consumer lending.
Its first product provided digital home equity lines of credit to U.S. homeowners. From there, Figure expanded into blockchain infrastructure designed to streamline lending, securitization and related processes.
By leveraging blockchain technology, Figure positions itself at the intersection of traditional finance and decentralized systems, aiming to deliver faster, more transparent and cost-efficient financial solutions.
This strategic shift has helped the company differentiate from fintech competitors and attracted investor interest in its long-term growth prospects.
Crypto IPO Momentum Builds
Figure’s IPO push comes as a growing number of cryptocurrency and blockchain firms pursue public listings amid an ongoing bull cycle in the sector.
On Tuesday, cryptocurrency exchange Gemini also filed for an IPO, seeking to raise $317,000,000.
Rival exchange Kraken has reportedly explored raising $500 million at an implied valuation of roughly $15 billion, though some reports indicate it may postpone a public debut until 2026.
Several notable public offerings this year have already set precedents.
In August, digital asset exchange operator Bullish launched its IPO with an initial price of $37 per share, surging 218% on its first trading day.
Despite subsequent pullbacks, Bullish’s market capitalization remains around $960 million, above its $480 million IPO valuation.
Stablecoin issuer Circle also completed an IPO earlier this year, raising roughly $110 million and seeing its shares more than double on the first trading day. Circle’s current market value is in the tens of billions of dollars.
Gemini, founded by Cameron and Tyler Winklevoss, is preparing its own public offering with a target raise of $317,000,000 and an estimated valuation near $2.2 billion.
Beyond traditional IPOs, the industry is exploring alternative paths to public markets. A group of crypto executives recently formed a Cayman Islands-based special purpose acquisition company (SPAC) focused on bitcoin infrastructure, targeting a $200 million raise through an IPO.