Figure Tech Targets $4.3B Valuation in September IPO, Fueling Crypto’s Public Frenzy

Blockchain-based lender Figure Technology Solutions ￰2￱ preparing to go public this month in one of the most closely watched listings in the crypto-fintech ￰3￱ company and its backers are seeking to raise up to $526 million through an initial public offering, according to a filing with the ￰4￱ and Exchange ￰5￱ to a Bloomberg report , Figure plans to sell 21.5 million shares priced between $18 and $20 each, while existing shareholders are offering an additional 4.9 million ￰6￱ the top of that range, the firm would command a market capitalization of $4.13 billion, surpassing its $3.2 billion valuation from a 2021 venture round. $FIGR – @Figure Figure announced the launch of their IPO this ￰7￱ to finalize pricing next Wednesday, September 10 with the IPO following on Thursday, September 11 Initial price range set at $18 – $20 per share and looking to raise as much as $526M in the… ￰8￱ — MNT on X (@MNTonX) September 2, 2025 The company is expected to price its shares on September 10, with trading set to begin on Nasdaq under the ticker symbol ￰9￱ Sachs, Jefferies, and Bank of America are leading the ￰10￱ IPO Follows Strong Revenue Growth and Blockchain Expansion Founded in 2018 by Mike Cagney, the former chief executive of SoFi Technologies, Figure has positioned itself as a developer of blockchain-based solutions to streamline consumer ￰11￱ firm began with home equity line of credit (HELOC) products and has since expanded into crypto-backed loans and a digital asset ￰12￱ date, it has originated or purchased more than $16 billion in loans ￰13￱ August, the company increased its HELOC borrowing limit from $400,000 to $750,000 to capture a larger share of equity-rich ￰14￱ recently increased our HELOC borrowing limit from $400K to $750K, making it easier for homeowners to access more of what they’ve ￰15￱ move unlocks a significantly larger segment of equity-rich homeowners — all with the same 100% online experience and fast ￰16￱ — Figure (@Figure) August 8, 2025 Figure has also mo ved into artificial intelligence , using OpenAI’s technology to evaluate loan applications and Google’s Gemini chatbot to improve customer ￰17￱ to its filing, customers for partner-branded HELOC loans in the first half of 2025 had a weighted average FICO score of 756, slightly higher than the 749 average for its own-branded ￰18￱ company’s growth trajectory has accelerated in ￰19￱ the six months ending June 30, Figure reported a net income of $29.1 million on revenue of $190.6 million, compared with a net loss of $15.6 million on $156 million in revenue during the same period last ￰20￱ include Apollo Global Management, 10T Holdings, and Ribbit ￰21￱ the IPO, Cagney will continue to control a majority of the voting power, the filing ￰22￱ Tannenbaum, formerly with Brex and SoFi, was appointed CEO in 2024, tasked with guiding the company’s public market debut and scaling its blockchain-based lending ￰23￱ lending, Figure is pursuing regulatory approval for what it says could be the first U.

S.-approved interest-bearing stablecoin structured as a security. Figure’s offering follows a series of confidential filings earlier this year, with the company formally submitting its registration in ￰24￱ presentations to investors emphasize its ability to pair blockchain efficiency with traditional financial rigor, noting cost reductions in loan origination and ￰25￱ addition to loan products, Figure recently rolled out its Intellidebt solution, which has already helped customers pay off $133 million in debt by consolidating credit cards, auto loans, and personal loans into single payment structures. We’ve leveled up our direct debt payoff ￰26￱ has enabled Figure customers to pay off $133M in ￰27￱ our latest feature update, borrowers can consolidate credit cards, personal loans, auto loans, home improvement loans — all within one seamless ￰28￱ — Figure (@Figure) August 1, 2025 Crypto IPO Rush Accelerates as Gemini and Circle Join Wall Street Frenzy Crypto-linked companies are racing to public markets this fall, capitalizing on renewed investor appetite and favorable conditions in the ￰29￱ to recent filings, Gemini Space Station, the parent of crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, is seeking up to a $2.22 billion valuation in its Nasdaq debut .

Gemini, founded by the Winklevoss twins, is targeting a $2.22B valuation in its U. S. IPO. #Gemini #IPO ￰0￱ — ￰30￱ (@cryptonews) September 2, 2025 The New York-based firm plans to sell 16.67 million Class A shares at $17 to $19 each, potentially raising $317 ￰31￱ will trade under the ticker GEMI, with underwriters granted an option to buy an additional 2.5 million ￰32￱ has backed Gemini’s listing with a $75 million credit facility, expandable to $150 ￰33￱ surge in activity comes after Circle Internet Group’s successful market debut earlier this year , which more than doubled its ￰34￱ now boasts a $30 billion market ￰35￱ strong performance has fueled optimism that 2025 could mark a turning point for digital asset firms after years of regulatory and market ￰36￱ companies rush IPO timeline as Wall Street banks reveal $15B pipeline before September, including @Gemini and @Figure . #Crypto #IPO ￰1￱ — ￰37￱ (@cryptonews) August 20, 2025 Wall Street banks are fielding heightened demand from technology and crypto ￰38￱ Sachs’ co-head of equity capital markets, Will Connolly, said firms are accelerating timelines, with some originally targeting 2026, now asking to move forward this year.

JPMorgan’s Keith Canton projects that dozens of IPOs could close before year-end, raising more than $15 ￰39￱ traditional listings, crypto-focused special purpose acquisition companies (SPACs) are also entering the ￰40￱ Infrastructure Acquisition Corp., a Cayman Islands-based blank-check firm, filed to raise $200 million to target Web3, DeFi, and blockchain finance companies , listing on Nasdaq under the ticker ￰41￱ listings include Bullish, a Peter Thiel-backed exchange that raised $1.15 billion in its NYSE debut , entirely in ￰42￱ joined Coinbase and Circle among the best-performing crypto IPOs of 2025, with Circle and CoreWeave delivering 336% and 132% returns, ￰43￱ supportive policy shifts under the Trump administration and a buoyant risk environment, crypto IPOs are gaining momentum as firms rush to secure market share before year-end.