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By Sam Reynolds, AI Boost|Edited by Parikshit Mishra
Aug 19, 2025, 4:45 a.m.
- 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
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.
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.
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX’s collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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What to know:
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