Mike Cagney’s SoFi Legacy Charges Into 2025 Crypto IPO Frenzy as Figure Tech Files
Wall Street's crypto fever hits boiling point as another fintech heavyweight throws its hat in the ring.
Figure Technology—the blockchain-powered lending startup founded by SoFi's controversial ex-CEO Mike Cagney—just filed confidential IPO paperwork. The move positions them to ride the 2025 wave of digital asset companies going public.
From Subprime to Blockchain
Cagney's pivot from traditional finance to decentralized tech reads like a redemption arc—if you ignore the nine-figure exit package he took from SoFi after multiple scandals.
The Home Equity Play
Figure's core product? Using blockchain to streamline home equity loans. Because nothing says 'disruptive innovation' like repackaging 1950s-era lending products with a crypto wrapper.
The timing couldn't be more perfect—or more suspicious. With crypto valuations hitting stratospheric levels again, every VC-backed blockchain project suddenly remembers they promised investors an exit strategy.
Figure Technology joins the crypto IPO wave
Figure Technology Solutions, Inc. (“FTS”), a company founded and led by SoFi’s co-founder and former CEO Mike Cagney, confirmed today that it has confidentially submitted a draft registration statement on Form S‑1 with the U.S. Securities and Exchange Commission, starting the process for a proposed initial public offering of equity securities expected this year.
Figure is the latest crypto-related entrant into public markets. Other companies, such as BitGo, Circle, Grayscale and Gemini, have also filed or launched IPO activity. The crypto sector is currently valued at roughly $4T and the industry’s growth is supported by the favorable regulatory environment in the U.S.
Figure was founded in 2018 by Mike Cagney and builds blockchain‑based financial infrastructure and offers mortgage lending via home equity lines of credit (HELOCs), along with operating a cryptocurrency exchange and securitization platform.
The company has experienced notable growth, increasing its lending volume by roughly 50 % in a recent year to over $5B in HELOC originations, supported by partnerships with Credit Karma, Guaranteed Rate and others
The market is primed for crypto expansion
The confidential S‑1 submission benefits from an SEC policy update effective in March 2025, which increased the scope of eligibility for nonpublic draft registration review, allowing companies to begin the process earlier and without initial underwriter disclosures.
Many crypto firms paused their IPO plans earlier in 2025 due to market turbulence at the time. That slump cooled enthusiasm for public listings, but according to executive commentary, some companies may be waiting for volatility to recede before launching listings.
FTS decided to launch its listing despite the volatility to gain a first‑mover advantage and a legitimization effect from going public in the sector.
The company filed its S‑1 in March 2024, but has not yet set an IPO date. Instead, the company has continued business restructuring and leadership adjustments in preparation for a public debut.
In late 2024, it reorganized its lending entity, Figure Lending LLC, under the umbrella of the Figure Technology Solutions brand, and appointed Ronald Chillemi as Chief Legal Officer and Corporate Secretary to support governance and regulatory readiness.
The company is reportedly working with major investment banks, including Goldman Sachs, JPMorgan and Jefferies to position the IPO, and has reportedly held discussions with institutional investors like BlackRock, SoftBank and Tiger Global. These details have not been confirmed by the company.
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