Figure Technology Solutions reported a 22% revenue rise to US$191 million in the first half of 2025, according to its US IPO filing.

The New York-based blockchain lender posted a US$29 million profit, reversing a US$13 million loss a year earlier.

Figure and some existing shareholders plan to sell shares in the Nasdaq listing under the symbol “FIGR”.

Founded in 2018 by SoFi co-founder Mike Cagney, Figure and its partners have originated over US$16 billion in home equity.

Goldman Sachs, Jefferies, and BofA Securities are lead underwriters for the IPO.

The listing comes as more cryptocurrency-focused firms, including Gemini, move to tap public markets in a period of increased IPO activity for the sector.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Trump’s crypto-friendly policies are accelerating institutional adoption

Figure’s IPO timing reflects broader market momentum driven by specific regulatory changes under the Trump administration.

The administration signed executive orders on January 23, 2025, creating working groups to develop comprehensive digital asset frameworks, while the SEC formed new task forces to provide clearer guidance rather than pursue enforcement actions 1.

These policy shifts have created measurable market impact. Bullish’s recent crypto exchange IPO raised $1.1 billion and saw its stock surge 83% on debut, reaching a $10.25 billion valuation 2.

The administration’s commitment extends beyond rhetoric to concrete action, including the July 2025 GENIUS Act that provides regulatory clarity for stablecoin issuers 3.

This regulatory certainty addresses a key barrier that previously kept institutional investors and traditional financial firms on the sidelines of blockchain-based financial services.

2️⃣ Blockchain lending has proven its commercial viability at institutional scale

Figure’s $16 billion in loan originations validates early predictions about blockchain transforming traditional lending markets.