Figure Technologies, a US-based blockchain lender, is aiming for a valuation of up to US$4.1 billion in its planned Nasdaq IPO.

The company and its investors plan to sell 26.3 million shares at US$18 to US$20 each, raising as much as US$526 million.

Co-founded in 2018 by Mike Cagney, Figure runs a blockchain platform for lending, trading, and investing in consumer credit and digital assets.

It posted a profit of US$29 million in the first half of 2025, reversing a US$13 million loss a year earlier.

The IPO comes amid renewed interest in crypto-related listings and follows recent debuts by other digital asset firms.

Goldman Sachs, Jefferies, and BofA Securities are lead underwriters. The stock will trade under the symbol “FIGR”.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Regulatory clarity creates favorable window for crypto company public debuts

Figure’s IPO timing capitalizes on a particularly receptive environment for crypto companies going public.

The successful debuts of crypto exchange Bullish and stablecoin issuer Circle have demonstrated strong investor appetite for well-structured crypto businesses 1.

This follows a broader trend of regulatory clarity that has encouraged institutional adoption of digital assets, with inflows into crypto-focused exchange-traded funds providing additional market validation 1.

Industry experts note that the current administration’s support for the crypto space has created conditions where “the IPO pipeline is likely to remain active for well-structured, compliance-forward players” 1.

This regulatory environment represents a significant shift from previous years when crypto companies faced much greater uncertainty about their path to public markets.

2️⃣ Blockchain technology enables significant operational advantages in traditional lending

Figure’s ability to fund home equity loans in just 10 days compared to the industry average of 42 days demonstrates how blockchain infrastructure can create measurable competitive advantages in established financial services 1.