- Figure aims to raise $526M in IPO, valuing the blockchain lender at $4.3B.
- IPO momentum grows as Gemini, Kraken, and Bullish drive the crypto listing wave.
- Figure shifts from lending roots to blockchain finance, boosting investor interest.
Blockchain-focused lender Figure Technology Solutions is preparing to raise $526 million through its upcoming initial public offering (IPO), according to regulatory filings submitted Tuesday and reported by Bloomberg Law.
The company intends to sell 21.5 million shares priced between $18 and $20 each, with 4.9 million shares expected to come from existing holders.
At the high end of the price range, the IPO would assign the company a valuation of roughly $4.3 billion.
Figure first signaled its public market ambitions last month when it filed confidentially with regulators, followed by a formal Securities and Exchange Commission (SEC) filing on August 18.
The latest filings suggest the company is targeting September 10 for its IPO pricing date.
The firm’s valuation has steadily increased since its 2021 Series D funding round, when it raised $200 million in a deal led by 10T Holdings that valued the company at $3.2 billion.
More recently, Figure reported financial momentum, with revenues reaching $191 million in the first half of 2025.
From consumer lending to blockchain infrastructure
While Figure is now recognized for its blockchain-driven financial products built on the Provenance Blockchain, the company originally focused on consumer lending.
Its first offering was a digitized home equity line of credit for US homeowners, before expanding into blockchain infrastructure designed to streamline lending, securitization, and related processes.
By leveraging blockchain technology, Figure has positioned itself at the intersection of traditional finance and decentralized systems, aiming to deliver faster, more transparent, and cost-effective financial solutions.
This pivot has helped the company differentiate itself from fintech rivals while attracting investor interest in its long-term growth prospects.
Crypto IPO momentum builds
Figure’s listing effort comes as more crypto and blockchain firms move toward the public markets during the ongoing bull market cycle.
On Tuesday, the crypto exchange Gemini also filed for an IPO, seeking to raise $317 million.
Rival exchange Kraken is rumored to be pursuing a $500 million raise at a valuation of around $15 billion, though reports suggest it may delay its public debut until 2026.
Meanwhile, several high-profile listings have already set a precedent this year.
In August, digital asset exchange operator Bullish launched its IPO with shares priced at $37, soaring as much as 218% on its first trading day.
Despite a pullback, Bullish still maintains a market capitalisation of roughly $9.6 billion, up from its IPO valuation of $4.8 billion.
Similarly, stablecoin issuer Circle completed an IPO that raised about $1.1 billion, with shares more than doubling on the first day of trading. The company now commands a market capitalization of approximately $30 billion.
Gemini, Cameron and Tyler Winklevoss’ crypto exchange also readying for its public debut, with the firm aiming to raise $317 million at a valuation of $2.2 billion.
Beyond traditional IPOs, the industry is exploring alternative routes.
A group of crypto executives recently launched Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC) targeting a $200 million raise through an IPO.
