Blockchain Lending Company Figure Submits Confidential IPO Filing

Figure Technology Solutions announced on Monday that it has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) to go public later this year. Figure is part of a growing list of digital asset firms aiming for public offerings, looking to capitalize on the booming cryptocurrency and stock markets along with recent regulatory advancements in the U.S. following the pro-crypto agenda established during the previous administration. Earlier this year, the USDC (USDC) stablecoin issuer Circle (CRCL) experienced a successful debut on the Nasdaq, with shares increasing from the initial public offering price of around $30 to $300. Other firms, including custodian BitGo, asset manager Grayscale, and exchange operator and CoinDesk owner Bullish, have also filed for IPOs.

Founded by former SoFi CEO Mike Cagney, Figure has been instrumental in the thriving real-world asset (RWA) sector, originating over $16 billion in home equity lines of credit through the Provenance Blockchain. Recently, the firm announced a merger with Figure Markets, a blockchain-based marketplace also established by Cagney, which issues a yield-bearing stablecoin operating as a tokenized money market fund (YDLS).