Figure—US Crypto Lending Giant—Quietly Files for IPO in Bold Wall Street Power Play

Wall Street meets blockchain—again. Figure, the US-based crypto lending heavyweight, just dropped a confidential S-1 filing, signaling a potential IPO runway. No numbers yet, but the timing reeks of either genius or desperation.

Why this matters:

• Confidential drafts scream ‘testing the waters’—classic move for companies unsure if the market will swallow their valuation narrative.

• Crypto’s IPO ice age might thaw if Figure pulls this off. Last year’s crypto winter left public listings frozen solid.

• Watch the ‘blockchain infrastructure’ buzzwords. Every fintech IPO needs a buzzword bingo card—Figure’s will likely include ‘tokenized assets’ and ‘regulatory-first’.

The cynical take: Another crypto firm wants to cash out before the SEC realizes it forgot to regulate something. But if Figure nails this, it could legitimize crypto lenders faster than a Goldman Sachs research note.

Figure Moves Forward with Support from Top Firms

Figure says it has supported around $16 billion in home equity loans so far. It also works with major tech companies like OpenAI and Alphabet. These partnerships are part of the firm’s push to mix traditional finance with new technology.

The company’s website lists several top investors, including Apollo Global Management, 10T Holdings and Ribbit Capital.

According to earlier reports, Figure has also worked with banks such as Goldman Sachs, JPMorgan and Jefferies in the past. These banks were said to be helping the firm prepare for an IPO in 2023. It is not yet confirmed if they are involved in this latest filing.

Blockchain and Crypto Company IPOs 

Notably, various blockchain and crypto companies are trying to enter public markets this year. Following Circle’s grand and successful IPO launch earlier this year, a number of crypto exchanges and blockchain labs are planning listings as interest in crypto and financial technology keep rising.

For now, Figure’s submission is private. A full version of the filing will be shared publicly once the company is ready. The IPO is expected later in 2025. The company said in its release that the draft was submitted under Rule 135 of the Securities Act. It added that this notice was not an offer to sell shares, and any sale would follow legal steps required by US law.

Figure’s latest decision is part of a wider trend as crypto-linked businesses return to public markets after a long pause.

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