Figure Technology is poised to make a significant mark on Wall Street with its initial public offering (IPO) on Nasdaq, representing a landmark moment for blockchain-based lending. This move positions the company as one of the first blockchain lenders to access U.S. public markets at scale, signalling a growing convergence between traditional finance and innovative digital asset solutions.
Figure's Profitable Ascent to Public Markets
Founded in 2018 by former SoFi CEO Mike Cagney, Figure Technology has carved a niche by tokenizing loan assets and facilitating their connection to capital markets on blockchain rails. The company’s S-1 filing reveals a remarkable financial turnaround, swinging from a $13 million loss in the first half of 2024 to a robust $29 million net profit in the first half of 2025, alongside $191 million in revenue. This profitability, driven by strong demand for its platform which has already facilitated over $16 billion in home equity loans through extensive partnerships, differentiates Figure from many growth-focused digital asset firms. Its success demonstrates a viable model for applying blockchain technology to real-world financial services, generating substantial revenue and profit in the process.
Paving the Way for Tokenized Credit
Figure's Nasdaq debut, under the ticker FIGR, is more than just another tech IPO; it serves as a critical test for investor demand for blockchain infrastructure applied to real-world assets rather than speculative tokens. The company's platform uniquely enables the efficient origination, funding, and secondary trading of loan pools natively on a blockchain, bringing much-needed liquidity to traditionally illiquid credit markets. This strategic public listing occurs amidst a broader recovery in U.S. IPOs, further highlighting a favorable market environment. While the offering will inevitably draw scrutiny regarding its dual-class share structure and the complexities of regulatory oversight for tokenized loan pools, Figure's profitability and innovative approach set a precedent for how on-chain lending may be valued against both traditional fintech and crypto peers in the public arena.
