- Figure Technology Solutions seeks to raise $526 million through its initial public offering (IPO).
- The IPO will offer 21.5 million shares priced between $18 and $20 each.
- The expected valuation could reach about $4.3 billion.
- Several other crypto and blockchain firms, including Gemini and Kraken, are moving toward public listings.
- Recent financial results show Figure earned $191 million in the first half of the year.
Figure Technology Solutions, a company specializing in blockchain-based lending, is preparing to raise $526 million in its initial public offering. The firm plans to offer 21.5 million shares at a price range of $18 to $20, with existing shareholders selling 4.9 million of those shares. If shares price at the top end of the range, the company’s market value would approach $4.3 billion.
Regulatory documents show Figure targets September 10 for the IPO pricing. The company’s latest financial results indicate revenues were $191 million for the first six months of this year, reflecting growing demand for its blockchain-focused financial products. The company’s prior valuation was $3.2 billion after a $200 million funding round led by 10T Holdings in 2021.
Figure began as a consumer lending platform offering a digital home equity line of credit for U.S. homeowners. It later expanded into developing blockchain infrastructure on the Provenance Blockchain, aiming to streamline lending and securitization processes. According to Bloomberg Law, the move comes as more blockchain and crypto companies pursue public listings in response to a strong market.
Other industry firms are following a similar path. Gemini, a major crypto exchange, recently filed for an IPO with the goal of raising up to $317 million. Kraken is also reported to be seeking $500 million in funding and may go public as early as 2026. In August, digital asset exchange operator Bullish launched its own debut, with shares surging up to 218% on its first day and an IPO valuation raised to $4.8 billion, later reaching a market capitalization of nearly $9.6 billion.
In addition to traditional IPO routes, some industry groups are using alternative structures. A group of crypto executives has formed Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC), to raise $200 million through an IPO. This activity highlights the increasing interest of blockchain companies in public markets.
For more details on Figure’s IPO plans, read Bloomberg Law’s coverage here.
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