Blockchain Lender Figure Files for $526M Nasdaq IPO, Targets $4.1B Valuation

Figure, a blockchain-based lending firm founded by ex-SoFi CEO Mike Cagney, has filed for an initial public offering seeking to raise $526 million. The company plans to list on Nasdaq under the ticker FIGR, with shares priced between $18 and $20 apiece. At the top of the range, Figure WOULD command a valuation of approximately $4.13 billion.

The IPO will see the company offer 21.5 million shares, while existing shareholders sell 4.9 million. Cagney will retain majority voting control post-listing. Figure's financials show $190.6 million in revenue for the first half of 2024, with net income of $29.1 million, building on its $3.2 billion valuation from a 2021 funding round.

The MOVE signals growing institutional acceptance of blockchain-based financial services. Backers including Apollo Global and Ribbit Capital demonstrate traditional finance's increasing comfort with crypto-adjacent businesses entering public markets.