Crypto Giants Figure and Bullish Prepare for U.S. IPOs in Institutional Adoption Milestone

Two blockchain heavyweights are quietly positioning for Wall Street debuts. Figure Technologies, the mortgage-focused blockchain lender, and Peter Thiel-backed exchange Bullish have filed confidential IPO paperwork with the SEC, signaling crypto's maturation into traditional capital markets.

Figure's Provenance blockchain has become a quiet force in tokenizing real-world assets, from mortgages to securities. The IPO could value the firm at billions while accelerating RWA adoption—a sector growing 112% annually according to CoinShares data.

Bullish represents crypto's institutional pivot, combining exchange functionality with compliance-ready architecture. The Thiel-backed platform's MOVE mirrors Coinbase's 2021 debut, but with a focus on regulated products rather than retail trading.