- Figure aims to raise $526 million in its IPO, valuing the blockchain lender at about $4.3 billion.
- IPO momentum is building as Gemini, Kraken and Bullish fuel a wave of crypto listings.
- The focus shifts from traditional consumer credit roots to blockchain financing, drawing investor interest.
Blockchain-focused lender Figure Technology Solutions is preparing to raise $526 million through an upcoming initial public offering, according to regulatory filings submitted Tuesday and reported by Bloomberg Law.
The company intends to offer 21.5 million shares at a price range of $18 to $20 per share, with approximately 4.9 million of those shares expected to be sold by existing holders.
At the top end of the range, the IPO would value the company at roughly $4.3 billion.
Figure first signaled its public market ambitions last month when it filed confidentially with regulators, followed by a formal filing with the Securities and Exchange Commission (SEC) on August 18.
Recent filings indicate the company is targeting September 10 as the date to set IPO pricing.
Figure’s valuation has risen steadily since its Series D round in 2021, when it raised $200 million in a deal led by 10T Holdings that valued the company at $3.2 billion.
More recently, Figure reported financial momentum, posting $191 million in revenue in the first half of 2025.
From consumer lending to blockchain infrastructure
Although Figure is now known for its blockchain-driven financial products built on the Provenance Blockchain, the company began with consumer lending.
Its initial offering 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, aiming to deliver faster, more transparent and cost-efficient financial solutions.
This strategic shift has helped the company stand out from fintech competitors while attracting investor interest in its long-term growth prospects.
Crypto IPO momentum builds
Figure’s listing effort comes as more crypto and blockchain companies move toward public markets amid an ongoing bull cycle.
On Tuesday, crypto exchange Gemini also filed for an IPO, seeking to raise $317 million.
Reports suggest rival exchange Kraken is targeting a $500 million raise at a valuation near $15 billion, though some coverage indicates it may delay a public debut until 2026.
Several high-profile listings this year have already set precedents.
In August, Bullish, a digital asset exchange operator, priced its shares at $37 and saw the stock surge as much as 218% on its first trading day.
Despite a subsequent pullback, Bullish currently maintains a market capitalization around $9.6 billion, up from its IPO valuation of $4.8 billion.
Similarly, stablecoin issuer Circle completed an IPO that raised roughly $1.1 billion, with shares more than doubling on the first trading day; the company now has a market capitalization of about $30 billion.
Gemini’s crypto exchange, founded by Cameron and Tyler Winklevoss, is also preparing for a public debut and seeks to raise $317 million at a valuation near $2.2 billion.
Beyond traditional listings, the sector is exploring alternative routes to public funding.
A group of crypto executives recently launched Bitcoin Infrastructure Acquisition Corp, a Cayman Islands–based special purpose acquisition company (SPAC) aiming to raise $200 million through a public offering.