Share this article
Blockchain Lender Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under 'FIGR'
The move follows a confidential SEC submission earlier this month and comes amid a surge of digital asset firms tapping the equity markets.
Aug 19, 2025, 4:45 a.m.
Make us preferred on Google
What to know:
- Figure, a blockchain lender founded by SoFi co-founder Mike Cagney, has filed for an IPO amid a surge in crypto offerings.
- The company plans to list its shares on Nasdaq under the ticker FIGR, with major banks like Goldman Sachs as lead underwriters.
- Financials reveal a 22.4% revenue increase in the first half of 2025, with net income of $29 million, marking a turnaround from a loss the previous year.
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 as the latest entrant in a growing crypto IPO wave.
The company plans to list its Class A shares on the Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Figure's path to public markets has been years in the making. In 2021, it launched a special purpose acquisition company, Figure Acquisition Corp. I, with a $250 million raise aimed at acquiring growth-stage businesses using Provenance as an efficiency layer, however in the end this SPAC did not bring Figure to market.
A friendlier regulatory stance under the Trump administration and buoyant crypto and stock markets have set the stage for a surge of digital asset firms tapping the equity markets, including crypto exchange Bullish which is the owner of CoinDesk.
The company last month merged with Figure Markets, a blockchain marketplace also launched by Cagney that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund.
Financials disclosed in the S-1 show revenue up 22.4% in the first half of 2025 to $190.6 million, with net income of $29 million compared with a $13 million loss a year earlier.
According to the filing with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends planned.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Top Stories
