Blockchain Lender Figure Confidentially Files for IPO Amid Crypto Boom

In a move that underscores the crypto industry's aggressive push into public markets, Figure Technology Solutions Inc., a blockchain-based credit company, has confidentially filed for an initial public offering in 2025. The company, co-founded in 2018 by Mike Cagney, who was previously part of the team that started SoFi Technologies Inc., has been working with major banks like Goldman Sachs, JPMorgan, and Jefferies on the IPO for its lending arm.

Figure, which tapped Michael Tannenbaum as CEO in 2024, has developed blockchain technology to facilitate home loans and also offers crypto-backed loans. The firm has funded around $16 billion in home equity loans and partners with tech giants like OpenAI Inc. and Alphabet Inc. Figure's investors include prominent names like Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital.

The number of shares to be offered and the price range for the proposed IPO have not yet been determined, but the move signals Figure's ambition to capitalize on the growing demand for blockchain-based financial services and the ongoing crypto boom. As the industry continues to make inroads into the traditional financial landscape, Figure's public debut could pave the way for more crypto-related firms to follow suit in the coming years.