Blockhain-Based Loans Firm Figure Files Confidential Submission for IPO

Figure Technology Solutions said on Monday it has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) to go public later this year.

Figure is joining a growing list of digital asset firms aiming to go public, seeking capitalizing on the booming cryptocurrency and stock markets and recent U.S. regulatory advancements after Donald Trump took office with a pro-crypto agenda. Earlier this year, USDC (USDC) stablecoin issuer Circle (CRCL) had a blockbuster debut on the Nasdaq, with shares zooming to $300 from the IPO priced at around $30. Custodian BitGo, asset manager Grayscale and exchange operator and CoinDesk owner Bullish filed for IPOs as well.

Figure, founded by former SoFi CEO Mike Cagney, has played a key role in the red-hot real-world asset (RWA) sector, originating over $16 billion in home equity lines of credit using the Provenance Blockchain. The firm last month announced a merger with Figure Markets, the blockchain-based marketplace also founded by Cagney and issuer of a yield-bearing stablecoin that operates as a tokenized money market fund (YDLS).