Figure Technology Solutions, a blockchain-based lending platform co-founded by Mike Cagney and June Ou in 2018, has publicly filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol FIGR. The IPO will be underwritten by Goldman Sachs, Jefferies, and BofA Securities. ([techcrunch.com](https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/?utm_source=openai))
In the first half of 2025, Figure reported a 22.4% increase in revenue, reaching $191 million, and a net profit of $29 million, a significant turnaround from a $13 million loss during the same period in 2024. ([techcrunch.com](https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/?utm_source=openai))
Figure has originated over $16 billion in home equity through its blockchain-enabled platform, positioning itself as a major non-bank provider of home equity lines of credit. The company utilizes its Provenance blockchain to expedite approvals for various loans, including home equity, mortgage refinancing, student, and personal loans. ([techcrunch.com](https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/?utm_source=openai))
In May 2025, Figure expanded into cryptocurrency lending by partnering with Victory Park Capital to create the industry’s first securitized pool of crypto-backed loans, allowing asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%. ([techcrunch.com](https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/?utm_source=openai))
Mike Cagney, who previously co-founded SoFi and stepped down as its CEO in 2018, will retain majority voting power in Figure post-IPO. The IPO reflects a growing trend of crypto-related companies entering public markets, following successful listings by firms like Circle and Gemini. ([techcrunch.com](https://techcrunch.com/2025/08/19/figures-ipo-filing-marks-mike-cagneys-return-to-public-markets/?utm_source=openai))
