Blockchain-based lender Figure files for a US IPO, reporting H1 2025 revenue up 22% YoY to $191M and a $29M net income, compared with a $13M net loss in H1 2024
A Letter from Our Founder At the tail end of 2017 I had my “aha” moment on blockchain. Finextra : Blockchain lender Figure files for IPO Will McCurdy / Decrypt : Blockchain Lender Figure Technologies Preps for IPO as Tokenization Space ‘Maturing’ Connie Loizos / TechCrunch : Figure's IPO filing marks Mike Cagney's return to public markets Anisha / Bitcoin Insider : Figure Technologies Files for IPO Amid Crypto Market Momentum Liam ‘Akiba’ Wright / CryptoSlate : Nasdaq braces for IPO debut of first blockchain lender as Figure swings to $29M profit Jesse Coghlan / Cointelegraph : Crypto-based lender Figure Technology files to go public in US Blockhead : Figure, Gemini File for US IPOs as Crypto Companies Rush to Public Markets Danny Park / The Block : Mike Cagney's Figure Technology publicly files for IPO; revenue grows 22% in first half of 2025 Sujha Sundararajan / Cryptonews : Blockchain-Powered Lender Figure Technology Files for US IPO Following 22% Revenue Spike CoinDesk : Blockchain Lender Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under ‘FIGR’ Mike Wheatley / SiliconANGLE : Crypto lending firm Figure Technology files for Nasdaq IPO Georgie McKay / Bloomberg : Blockchain-Based Lender Figure Files Publicly for IPO Vivian Nguyen / Crypto Briefing : Blockchain lender Figure publicly files for IPO after strong revenue growth
Context & Ripple Effects
Figure’s filing is the public-markets step after a multiyear private-capital buildout, including its 2021 funding round at a $3.2B valuation. The reported move from a first-half loss to profit gives prospective investors a current operating marker rather than only a blockchain-lending narrative.
The filing also began a fast-moving offering process: Figure later outlined an initial share-price range and target raise, then increased the planned deal size before pricing. That sequence makes the initial financial disclosure important as the basis for investor demand assessment.
First-order effects
- Figure enters the U.S. IPO process and makes H1 2025 operating results central to its case for public-market capital: $191M in revenue and $29M in net income.
- Prospective public investors gain a disclosed comparison point showing a shift from a $13M H1 2024 loss to first-half profitability in 2025.
Second-order effects
- The filing puts Figure’s valuation and fundraising terms under public-market price discovery; subsequent plans to upsize the offering indicate that deal structure could adjust with demand.
- Other blockchain-enabled credit businesses face a clearer benchmark: investors can evaluate them against a lender that has disclosed both revenue growth and a profitable half-year.
Third-order effects
- If public investors continue to support profitable, technology-led lenders, IPOs could become a more viable financing route alongside private funding for this segment.
- The durable test is whether disclosed profitability holds through changing credit conditions; public reporting makes that scrutiny more continuous than in private markets.
The trend: Figure’s filing is part of the broader maturation of blockchain-enabled financial companies from private fundraising toward public-market accountability and price discovery.