Nasdaq braces for IPO debut of first blockchain lender as Figure swings to $29M profit

Figure Technology has filed for an archetypal nationalist offering connected Nasdaq, reporting $191 cardinal successful gross for the archetypal fractional of 2025 and a nett income of $29 million.

The filing, made nationalist connected August 18, marks 1 of the archetypal cases of a blockchain-based lender reaching the U.S. nationalist markets. Per Reuters, the institution plans to commercialized nether the ticker FIGR with Goldman Sachs, Jefferies, and BofA Securities starring the underwriting.

The company’s S-1 reveals a fiscal turnaround from a $13 cardinal nonaccomplishment successful the archetypal fractional of 2024. It has shifted into profitability owed to request for its blockchain-enabled lending platform.

As Reuters reported, Figure has facilitated much than $16 cardinal successful location equity loans and continues to grow partnerships with implicit 160 fiscal institutions. Founded successful 2018 by erstwhile SoFi CEO Mike Cagney and June Ou, the steadfast has built its halfway level astir tokenizing indebtedness assets and connecting them to superior markets.

The determination comes amid renewed activity for crypto-linked IPOs. Stablecoin issuer Circle successfully listed earlier successful the year, portion Gemini has filed for its ain offering.

Figure’s filing aligns with a broader propulsion by integer plus firms to entree nationalist equity markets, with Figure distinguished by generating profits alternatively than relying solely connected maturation projections.

The nationalist interval volition trial capitalist request for blockchain infrastructure that applies tokenization to real-world assets alternatively than speculative tokens.

As elaborate successful the company’s registration statement, Figure positions itself arsenic a capital marketplace wherever origination, funding, and secondary trading hap natively connected blockchain rails.

This plan enables indebtedness pools to beryllium created, fractionalized, and transacted with efficiency, offering a applicable objection of tokenized recognition successful mainstream finance.

As Reuters noted, the attack provides liquidity successful traditionally illiquid recognition markets, a usage lawsuit agelong discussed successful integer plus circles but seldom executed astatine scale.

The IPO comes during a betterment successful U.S. listings much broadly. PwC data shows that the archetypal fractional of 2025 saw an uptick successful U.S. IPOs pursuing 2 years of subdued issuance, suggesting a much favorable marketplace situation for equity fundraising.

Figure’s determination to motorboat a roadshow successful the post-Labor Day model reflects expectations that capitalist appetite volition transportation done into the autumn issuance cycle. The company’s profitability and gross maturation differentiate it from galore peers, providing a trial of whether blockchain-driven lenders tin bid premium valuations successful the nationalist arena.

Control of the institution is expected to stay concentrated, arsenic Cagney volition clasp bulk voting rights done a dual-class stock structure. That governance model mirrors galore different exertion listings and whitethorn gully scrutiny arsenic investors measurement the tradeoff betwixt enactment stableness and shareholder influence.

Regulatory factors besides stay successful focus, since tokenizing indebtedness pools intersects with long-standing securitization oversight, adding a furniture of compliance complexity adjacent arsenic the level demonstrates real-world adoption.

Figure’s debut volition adhd momentum to the watercourse of integer plus firms turning to nationalist markets. The offering follows months of confidential filings and comes arsenic accepted and crypto-native superior enactment proceed to converge.

The Nasdaq listing of a lender structured connected blockchain rails places tokenized recognition successful beforehand of equity investors for the archetypal clip astatine scale, mounting the signifier for however on-chain lending whitethorn beryllium valued against some fintech and crypto peers.

The station Nasdaq braces for IPO debut of archetypal blockchain lender arsenic Figure swings to $29M profit appeared archetypal connected CryptoSlate.