tl;dr
Figure, a blockchain-powered lender founded by SoFi co-founder Mike Cagney, has filed for an initial public offering (IPO) with the SEC to list its Class A shares on Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities are the lead underwriters. The company previously launched...
Figure, the blockchain-powered lender founded by SoFi co-founder Mike Cagney, has filed with the Securities and Exchange Commission for an initial public offering, joining a growing wave of crypto IPOs. The company intends to list its Class A shares on the Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities acting as lead underwriters.
Figure's journey to the public market has been a lengthy one. In 2021, it launched a special purpose acquisition company (SPAC), Figure Acquisition Corp. I, raising $250 million to acquire growth-stage businesses utilizing its Provenance technology as an efficiency layer. However, this SPAC did not ultimately bring Figure to market.
The regulatory environment under the Trump administration, combined with strong crypto and stock market conditions, has created a favorable backdrop for digital asset firms like Figure to pursue public listings. In a recent strategic move, the company merged with Figure Markets, another blockchain marketplace founded by Cagney, which issues YDLS, a yield-bearing stablecoin designed as a tokenized money market fund.
Financial disclosures in the S-1 filing reveal that Figure's revenue climbed 22.4% in the first half of 2025 to $190.6 million, while net income turned positive to $29 million from a $13 million loss the previous year. The company plans to use the IPO proceeds to support working capital needs and potential acquisitions, with no dividends planned for shareholders.