Overview

• On August 4, Figure Technology Solutions submitted a confidential draft registration statement (Form S-1) with the U.S. Securities and Exchange Commission for a public listing.
• The company targets a second-half 2025 IPO with share count and price range to be set based on market conditions and completion of the SEC review.
• Founded by former SoFi CEO Mike Cagney, Figure has originated over $16 billion in home-equity credit lines using the Provenance blockchain.
• Last month’s merger with Figure Markets consolidates its lending arm and tokenized finance marketplace under a single public company.
• Figure follows Circle’s blockbuster Nasdaq debut and joins BitGo, Grayscale and Peter Thiel–backed Bullish in the crypto IPO pipeline.