Figure Technology's IPO Highlights Blockchain Lending's Market Maturity
By: Eva Baxter
Figure Technology, a blockchain-based lending company, has officially filed for an initial public offering (IPO) on Nasdaq, marking a significant milestone as one of the first blockchain lenders to reach the U.S. public markets. The company reported impressive financials for the first half of 2025, with $191 million in revenue and a net income of $29 million, a turnaround from a $13 million loss recorded in the previous year. This financial rebound is attributed to the increasing demand for its blockchain-enabled lending platform.
Operating since 2018 and founded by former SoFi CEO Mike Cagney and June Ou, Figure has become a pivotal player by facilitating over $16 billion in home equity loans and forming partnerships with more than 160 financial institutions. The company's strategy involves a sophisticated model of tokenizing loan assets and integrating them into capital markets, positioning itself as a key player in the maturing tokenization sector.
As the financial market shows signs of recovery with a surge in IPO activities in the U.S., Figure's move is a test of investor appetite for blockchain infrastructure that tokenizes real-world assets as opposed to speculative cryptocurrencies. The IPO provides liquidity solutions for traditionally illiquid markets, a long-discussed use case within digital asset communities. Figure's platform allows for loan pools to be created, fractionalized, and traded seamlessly, demonstrating the practical application of tokenized credit in mainstream finance.
The IPO is foregrounded by a robust corporate governance structure where Cagney retains significant control through a dual-class share structure. This mirrors governance frameworks in similar tech IPOs, balancing leadership stability with shareholder influence. Regulatory compliance remains a concern due to the intersection of tokenizing loan pools with existing securitization oversight, yet Figure's successful financial trajectory through this landscape indicates a promising outlook for blockchain-lending-driven equity markets.
