The blockchain-focused lending institution Figure Technology Solutions is planning to raise $526 million in its initial public offering (IPO), highlighting the growing trend of crypto and blockchain companies seeking to go public in the current bull market environment.
According to regulatory filings submitted on Tuesday and reported by Bloomberg, Figure plans to issue 21.5 million shares at a price range of $18 to $20 per share, with existing shareholders expected to sell 4.9 million shares. If calculated at the upper end of the price range, this IPO would give the company a market valuation of approximately $4.3 billion.
Figure first revealed its intention to go public last month when it submitted a confidential application to regulators, followed by a formal application to the U.S. Securities and Exchange Commission (SEC) on August 18. The latest filings indicate that the company plans to finalize the IPO pricing on September 10.
Since 2021, the company's valuation has continued to grow, reaching $3.2 billion during a $200 million Series D funding round led by 10T Holdings. Recent financial data shows strong growth momentum, with revenue climbing to $191 million in the first half of this year.
Although Figure is currently known for its blockchain financial products built on the Provenance blockchain, its business actually originated in consumer lending. The company's initial product was a digital home equity line of credit aimed at U.S. homeowners, later expanding into the blockchain infrastructure space to improve lending and securitization processes.
Figure is just one of many blockchain companies moving toward going public. According to Cointelegraph, the cryptocurrency exchange Gemini submitted its IPO application on Tuesday, targeting up to $317 million in funding.
Reports suggest that another exchange, Kraken, is also seeking to raise $500 million, with a valuation of about $15 billion, and there are indications that the company may go public in 2026.
In August, digital asset exchange operator Bullish made a significant debut, with its stock priced at $37 soaring 218% on its first day of trading.
On the eve of the offering, driven by strong institutional demand, the company raised its IPO valuation to $4.8 billion. Even after the initial surge subsided, Bullish maintained a market valuation of about $9.6 billion.
This listing follows the IPO of stablecoin issuer Circle, which successfully raised about $1.1 billion and saw its stock price more than double on its first trading day. Circle currently has a market capitalization of approximately $30 billion.
Meanwhile, leading companies in the industry are also exploring alternative paths to the public market. Several cryptocurrency industry executives have jointly established Bitcoin Infrastructure Acquisition Corp, a special purpose acquisition company (SPAC) registered in the Cayman Islands, which plans to raise $200 million through an IPO.
Related: Gemini files S-1 for IPO, plans to issue 16.7 million shares of GEMI on Nasdaq
Original article: “The Rise of Crypto IPOs: Figure Technology Seeks Public Listing with $4 Billion Valuation”
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