Share this article
Blockchain Mortgage Platform Figure Launches SPAC to Raise $250M
Figure seeks to raise $250 million through the special purpose acquisition company, according to a regulatory filing on Thursday night.
By Nikhilesh De
Updated Sep 14, 2021, 12:10 p.m. Published Feb 12, 2021, 2:48 a.m.
Michael Cagney, the founder of blockchain lending startup Figure Technologies, wants to set up a special purpose acquisition company (SPAC), Figure announced in a regulatory filing Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The blank-check firm seeks to raise $250 million, according to the prospectus filed with the U.S. Securities and Exchange Commission (SEC), and will be called Figure Acquisition Corp. I.
Figure Technologies issues mortgages and loans, using its own blockchain, called Provenance, to automate portions of the process. It was founded in 2018 and raised $220 million from Ribbit Management, DST Capital, RPM Ventures, Nimble Ventures and Morgan Creek, the prospectus noted.
Cagney would be the chairman of the new company's board.
Figure is the latest crypto firm setting up a SPAC, which have been used as vehicles to bring companies to the public market. Digital asset custodian and derivatives provider Bakkt went public through a similar method earlier this year. Other companies such as Coinbase have instead chosen to go public through a direct listing.
Figure's prospectus said it expects "to identify companies that have compelling growth potential" and various other characteristics that it can acquire to go public.
"We expect to differentiate ourselves through our … capacity to leverage proven and scaled blockchain platform which drives operational, technological and marketing improvements to maximize the growth potential of businesses," the prospectus said.
The prospectus did not say that Figure Technologies itself would go public through the SPAC.
According to SEC documents, Figure filed its form S-1, initially announcing the SPAC, on Feb. 3, with an updated filing going live on Thursday. A draft registration statement was filed in mid-January.
Figure also filed to become a bank last year, applying for a charter through the Office of the Comptroller of the Currency in November, though it's yet to receive approval.
Figure also created an ad campaign featuring an anthropomorphic "blockchain" in early 2020.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin's squeeze sets stage for major price swing
BTC's volatility bands have compressed to levels that have historically paved the way for a renewed price turbulence.
What to know:
- Bitcoin's price has been stable between $85,000 and $90,000 for two weeks, leading to a Bollinger Bands squeeze.
- The Bollinger Bands squeeze suggests a potential for significant price movement soon.
- Historical patterns show that such squeezes often precede major price swings.
Top Stories
