Figure, the blockchain-powered lender based by SoFi co-founder Mike Cagney, has filed with the Securities and Trade Fee for an preliminary public providing as the newest entrant in a rising crypto IPO wave.
The corporate plans to listing its Class A shares on the Nasdaq underneath the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.
Figure’s path to public markets has been years within the making. In 2021, it launched a particular objective acquisition firm, Figure Acquisition Corp. I, with a $250 million increase aimed toward buying growth-stage companies utilizing Provenance as an effectivity layer, nevertheless in the long run this SPAC didn’t deliver Figure to market.
A friendlier regulatory stance underneath the Trump administration and buoyant crypto and inventory markets have set the stage for a surge of digital asset corporations tapping the fairness markets, together with crypto trade Bullish which is the proprietor of CoinDesk.
The corporate final month merged with Figure Markets, a blockchain market additionally launched by Cagney that points YDLS, a yield-bearing stablecoin structured as a tokenized cash market fund.
Financials disclosed within the S-1 present income up 22.4% within the first half of 2025 to $190.6 million, with internet earnings of $29 million in contrast with a $13 million loss a 12 months earlier.
In accordance with the submitting with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends deliberate.
