Blockchain Lender Figure Targets $4.1B Valuation with Bold $526M Nasdaq IPO Filing
Decentralized finance just punched Wall Street's ticket—and it's riding first class.
Figure Technologies, the blockchain-based lending platform, files for its public market debut with ambitions that would make traditional banks blush. The $526 million offering represents one of the largest crypto-native IPOs to date.
Nasdaq's Newest Crypto Giant
The company targets a $4.1 billion valuation—a number that either signals immense confidence or spectacular ambition, depending on which Wall Street analyst you ask. Figure's move comes as institutional adoption of blockchain technology accelerates beyond pure cryptocurrency trading.
Building on Proven Tech
Unlike speculative crypto projects, Figure leverages blockchain for tangible financial services: loan origination, equity management, and payment systems. Their proprietary Provenance blockchain has already facilitated billions in transactions.
The Timing Play
Launching during a period of regulatory uncertainty takes guts—or desperation. Either way, Figure's success could legitimize blockchain infrastructure plays beyond simple coin offerings.
Because nothing says 'mainstream adoption' like begging traditional investors for capital while pretending to disrupt them.
Figure sees $190.6M in revenues in six months
According to the listing filing, Figure reported revenue of $190.6 million for the six months ended June 30. In the same period, the firm reported net income of $29.1 million. During the same period a year earlier, the company reported $156 million in revenue and a $15.6 million loss.
The firm started out with home-equity lines of credit products and also offered crypto-backed loans. So far, the company has facilitated $16 billion in loans on the blockchain.
Its co-founder, Mike Cagney, is the ex-CEO of the U.S.-based fintech firm SoFi, which focused on creating a “super-app” for finance. He left SoFi in 2017 amid allegations of sexual harassment. He launched Figure shortly after, in 2018, to focus on blockchain-based lending.
