Blockchain lender Figure Technologies may be joining the sizable list of firms in the industry making an initial public offering (IPO) in 2025.
Figure filed the initial paperwork for an IPO earlier this week, reporting a 22% revenue surge to $191 million in the six months ending June 30, 2025 with a net income of $29.1 million.
The New York-based company, founded in 2018, uses a blockchain-based platform to enable lending outside the traditional scope of the industry, such as real estate. The company claims to be the largest nonbank provider of home equity lines of credit in the U.S. and says its software has been used for more than $16 billion worth of home loans.
Figure may well be one of the most important players in tokenization, or the real-world assets (RWA) space. According to Illia Otychenko, lead analyst at CEX.IO, the company “dominates the tokenized private credit space, with more than 70% market share and over $11 billion in active loans on its Provenance blockchain.”
“That actually makes Provenance the largest RWA network by value locked, ahead of Ethereum—though Ethereum’s RWA activity is more diverse, while Provenance is focused entirely on lending,” Otychenko said.
According to the filing, Goldman Sachs Group, Jefferies Financial Group, and Bank of America are set to lead the IPO. The shares are expected to debut on the Nasdaq under the ticker FIGR. The company’s valuation is not yet known, but it was valued at $3.2 billion in a 2021 Series D funding round.
Otychenko said the move is a sign that tokenization is now being embraced by the mainstream corporate world.
“We’re now seeing RWA firms move into public markets, not only crypto exchanges or stablecoin issuers, meaning tokenization businesses are maturing to a similar level,” he told Decrypt.
More IPOs on the horizon?
You won’t have had to look far for news of major blockchain firms seeking public capital for the first time in recent months. Crypto exchange Gemini, one of the world’s largest exchanges, made its IPO plans public last week.
Meanwhile, crypto exchange Bullish made its debut on the New York Stock Exchange last week. Crypto firms like OKX, Grayscale, and Kraken have also all announced their IPO ambitions during 2025.
Otychenko told Decrypt that the current IPO trend in crypto likely “isn’t a one-off” and investors should expect more of these moves in 2025, amid greater U.S. regulatory clarity.
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