Blockchain Lender Figure Charges Toward IPO—Latest Crypto Firm to Bet Big on Public Markets

Another day, another crypto player eyes Wall Street's validation—Figure Technologies just threw its hat in the IPO ring.

Riding the Wave—or Chasing It?

Figure isn’t dipping a toe—it’s diving headfirst. The blockchain-based lending platform aims to leverage its tech-heavy narrative amid a resurgence of institutional interest. No exact valuation figures yet, but insiders whisper ambitions are… ambitious.

Timing is Everything—Maybe

Public markets remain a tricky playground for crypto-adjacent firms. Regulatory scrutiny hasn’t softened, and investor patience for 'disruption' wears thinner each cycle. Still, Figure’s move signals confidence—or desperation—depending who you ask.

One thing’s clear: if it goes through, Wall Street will get another crash course in blockchain hype—because nothing says 'innovation' like filing S-1 paperwork.

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Launched by SoFi Technologies (SOFI) co-founder Mike Cagney, Figure plans to list on the Nasdaq (NDAQ) exchange under the ticker symbol “FIGR.” The company is the latest crypto firm to test public markets following the successful IPOs of stablecoin issuer Circle Internet Group (CRCL) and crypto exchange Bullish (BLSH).

On Aug. 18, crypto exchange Gemini, run by twin brothers Cameron and Tyler Winklevoss, announced plans for an IPO in coming weeks. Crypto companies are taking advantage of a friendlier regulatory environment under U.S. President Donald Trump and with U.S. stocks hovering near all-time highs.

Second Kick at the Can

This is actually Figure’s second time trying to go public. In 2021, the company tried to list shares through a special purpose acquisition company (SPAC) but the deal never went through as rising interest rates sent stocks into a bear market and a crypto winter descended.

In July of this year, Figure merged with Figure Markets, a blockchain marketplace that was also launched by SoFi’s Mike Cagney and issues a yield-bearing stablecoin structured as a tokenized money market fund. Figure has disclosed that its revenue ROSE 22% in the first half of 2025 to $190.6 million, with net income of $29 million versus a $13 million loss a year earlier.

Is SoFi Stock a Buy?

As Figure is not yet public, we’ll look at the stock of SoFi. As one can see below, the stock of SoFi Technologies has a consensus Hold rating among 20 Wall Street analysts. That rating is based on five Buy, 11 Hold, and four Sell recommendations issued in the last three months. The average SOFI price target of $20.06 implies 14% downside from current levels.