Figure Technology has filed for an initial public offering on Nasdaq, reporting $191 million in revenue for the first half of 2025 and a net income of $29 million.
The company’s S-1 reveals a financial turnaround from a $13 million loss in the first half of 2024. It has shifted into profitability due to demand for its blockchain-enabled lending platform.
As Reuters reported, Figure has facilitated more than $16 billion in home equity loans and continues to expand partnerships with over 160 financial institutions. Founded in 2018 by former SoFi CEO Mike Cagney and June Ou, the firm has built its core platform around tokenizing loan assets and connecting them to capital markets.
Figure’s filing aligns with a broader push by digital asset firms to access public equity markets, with Figure distinguished by generating profits rather than relying solely on growth projections.
This design enables loan pools to be created, fractionalized, and transacted with efficiency, offering a practical demonstration of tokenized credit in mainstream finance.
As Reuters noted, the approach provides liquidity in traditionally illiquid credit markets, a use case long discussed in digital asset circles but rarely executed at scale.
Figure’s decision to launch a roadshow in the post-Labor Day window reflects expectations that investor appetite will carry through into the fall issuance cycle. The company’s profitability and revenue growth differentiate it from many peers, providing a test of whether blockchain-driven lenders can command premium valuations in the public arena.
Control of the company is expected to remain concentrated, as Cagney will retain majority voting rights through a dual-class share structure. That governance framework mirrors many other technology listings and may draw scrutiny as investors weigh the tradeoff between leadership stability and shareholder influence.
Regulatory factors also remain in focus, since tokenizing loan pools intersects with long-standing securitization oversight, adding a layer of compliance complexity even as the platform demonstrates real-world adoption.
Figure’s debut will add momentum to the stream of digital asset firms turning to public markets. The offering follows months of confidential filings and comes as traditional and crypto-native capital formation continue to converge.
The Nasdaq listing of a lender structured on blockchain rails places tokenized credit in front of equity investors for the first time at scale, setting the stage for how on-chain lending may be valued against both fintech and crypto peers.
