Figure eyes a $526 million IPO, joining Circle, Bullish and Gemini in the growing wave of blockchain companies going public.
Blockchain-focused lender Figure Technology Solutions is aiming to raise $526 million in its initial public offering (IPO), underscoring the growing trend of crypto and blockchain firms pursuing public listings amid the bull market.
According to regulatory filings submitted Tuesday and reported by Bloomberg Law, Figure plans to sell 21.5 million shares in the $18 to $20 range, with 4.9 million shares expected to be sold by existing holders. At the top end of the range, the IPO would value the company at roughly $4.3 billion.
Figure first disclosed its public ambitions last month when it filed confidentially with regulators, followed by a formal Securities and Exchange Commission (SEC) filing on Aug. 18. The latest filings indicate the company is targeting Sept. 10 as the date for pricing its IPO.
The firm’s valuation has grown since 2021, when a $200 million Series D round led by 10T Holdings valued it at $3.2 billion. Recent financials show momentum, with revenues climbing to $191 million in the first half of this year.
While Figure is now best known for its blockchain-based financial products built on the Provenance Blockchain, its origins were in consumer lending. The company’s first offering was a digitized home equity line of credit aimed at US homeowners, before expanding into blockchain infrastructure to improve lending and securitization.
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Crypto IPO rush continues
Figure is one of several blockchain companies moving toward a public listing. As Cointelegraph reported, the crypto exchange Gemini filed for an IPO on Tuesday, with the aim of raising up to $317 million.
Fellow exchange Kraken is also rumored to be pursuing a $500 million raise at a valuation of around $15 billion, with reports suggesting the company could go public in 2026.
In August, digital asset exchange operator Bullish staged a blockbuster debut, with shares priced at $37 soaring as much as 218% on the first day of trading.
Ahead of the offering, the company lifted its IPO valuation to $4.8 billion amid strong institutional demand. Even after the initial surge cooled, Bullish still commands a valuation of about $9.6 billion.
That listing came on the heels of stablecoin issuer Circle’s IPO, which raised roughly $1.1 billion and saw its stock more than double on day one. Circle now carries a market capitalization of around $30 billion.
At the same time, industry players are exploring alternative routes to the public markets. Several crypto executives have joined forces to launch Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC) targeting a $200 million raise through an IPO.
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