Crypto Lender Figure Files for IPO

Figure Technology Solutions has filed to go public, positioning itself as one of the biggest tokenization players to enter U.S. public markets.

What’s the Scoop?

• IPO Plans: Figure submitted paperwork for a Nasdaq listing under the ticker FIGR. Goldman Sachs, Jefferies, and Bank of America are set to lead the deal.
• Financials: The firm reported $191M in revenue for the first half of 2025, up 22% year-over-year, with $29.1M in net income.
• Tokenization Leader: Figure operates Provenance, a blockchain for lending, which it says powers over $16B in loans and dominates tokenized private credit with more than 70% market share.
• RWA Focus: Provenance has more than $11B in active loans, making it the largest real-world asset blockchain by value locked.
• Valuation History: The company was last valued at $3.2B in a 2021 Series D round, though no target IPO valuation has been disclosed.

Bankless Take:

Nearly all of Figure lending activity (99%) comes from home equity lines of credits, making the business heavily correlated with broader economic conditions. While the firm's flashy blockchain backend should help it enjoy a jubilant IPO, Figure fundamentals suggest it should be valued similar to other fintech plays.