Figure Technology Solutions is a fintech company focused on transforming financial services through blockchain technology. The company has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC), joining the growing list of crypto-related companies preparing to enter the traditional financial market.
Figure Technology announced on Monday that it has submitted a confidential IPO application to the SEC related to its anticipated stock securities issuance in 2025.
The number of shares and price range have yet to be determined, depending on market conditions and the completion of the SEC review process. This IPO application is made under the SEC's new terms, which allow for confidential applications prior to the final public offering.
More cryptocurrency companies are applying for traditional IPO listings, showcasing the integration of digital markets with traditional markets and attracting more capital from traditional investors into the crypto industry.
Participating in the public market provides crypto companies like Figure with more financing opportunities through public stock offerings, similar to the strategies employed by Michael Saylor's Strategy company.
Figure offers blockchain-based financial services through the Provenance blockchain, including lending and real-world asset (RWA) tokenization. The Provenance blockchain is a public proof-of-stake blockchain built by Figure in 2018, designed to "address data control issues specifically for financial services."
Figure surpassed $30 billion in on-chain loans and securities trading in March 2024, just three days after announcing a $60 million Series A funding to launch Figure Markets. Figure Markets is the first step in building what it calls the "Exchange of Everything," covering cryptocurrencies, tokenized stocks, and securities, which the company announced on March 18, 2024.
Circle, the world's second-largest stablecoin issuer, went public on the New York Stock Exchange on June 5, after expanding its IPO size to over $1.05 billion.
Circle's success may spark a new wave of cryptocurrency IPOs in 2025, attracting more companies to the public market. Based on 220 million shares outstanding as of June 2, Circle's IPO pricing gives it a valuation of $6.9 billion.
Cointelegraph reported on July 14 that Grayscale, an asset management company focused on cryptocurrency, submitted a confidential IPO application to the SEC.
Cointelegraph reported on Tuesday that Bullish, a cryptocurrency exchange operator and media company, also plans to raise up to $629 million through an IPO, targeting a valuation of $4.2 billion.
Related: Galaxy Digital reports $31 million profit in Q2, Bitcoin (BTC) holdings rise to 17,102 coins.
Original article: “Figure Technology Joins Cryptocurrency IPO Wave with SEC Filing”
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