- Figure Technology Solutions has filed confidentially for an IPO with the U.S. Securities and Exchange Commission.
- The company expects its equity securities offering to occur in 2025, with share count and pricing still undetermined.
- Recent IPOs from crypto firms like Circle and pending filings from Grayscale and Bullish indicate rising crypto market entries into public stock markets.
- Figure operates on the Provenance Blockchain, providing blockchain-based lending and tokenization services, and has handled over $30 billion in transactions as of March 2024.
- Crypto companies are increasingly seeking funding through traditional markets, as seen by major listings and capital raises in 2024 and 2025.
Figure Technology Solutions, a U.S.-based fintech company, submitted a confidential initial public offering (IPO) filing to the Securities and Exchange Commission, according to an announcement on Monday. The company aims to enter public markets in 2025, becoming part of a trend among crypto-related firms moving towards traditional equity markets.
The confidential filing concerns the company’s planned equity securities offering, with the number of shares and pricing to be determined based on market conditions and regulatory review. The filing uses a provision that allows companies to submit draft registration statements confidentially ahead of a public IPO.
More cryptocurrency-focused companies are planning public listings. This activity highlights a growing overlap between digital finance and traditional markets. Entering public stock markets provides firms like Figure with access to more capital through public offerings, similar to funding strategies seen in the sector before.
Figure delivers blockchain-based financial services, including lending and real-world asset (RWA) tokenization, through the Provenance Blockchain. This platform, which uses a proof-of-stake system, was created in 2018 to improve data control for financial services. In March 2024, Figure reported processing more than $30 billion in on-chain loans and transactions, soon after securing $60 million in Series A funding to launch Figure Markets.
On June 5, Circle, issuer of the USDC stablecoin, completed a public offering on the New York Stock Exchange. With an upsized IPO, Circle‘s valuation reached $6.9 billion according to their reported outstanding shares. This success could launch a new cycle of crypto IPOs in 2025.
Shortly after, Grayscale—a crypto asset management firm—also submitted a confidential IPO filing, as referenced by Cointelegraph. Meanwhile, exchange operator Bullish seeks to raise up to $629 million through a proposed IPO, targeting a $4.2 billion valuation.
These public market moves signal a rising effort among crypto businesses to attract traditional investment and grow through equity offerings.
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