Figure Technology Solutions, a financial tech innovator utilizing blockchain to revolutionize the financial landscape, has quietly submitted paperwork for an initial public offering (IPO) to the U.S. Securities and Exchange Commission. This move positions them alongside an increasing number of businesses connected to the crypto space preparing to tap into established financial avenues.
According to a company statement released Monday, Figure Technology has filed a confidential IPO with the SEC for its equity securities offering, which is anticipated to occur sometime in 2025.
The exact quantity of shares to be offered, as well as their price range, remain unspecified. These details are contingent upon prevailing market conditions and the culmination of the SEC’s customary review process. The confidential filing was conducted under a recently implemented SEC provision allowing companies to submit documentation privately ahead of a potential public offering.
Crypto IPO Activity on the Rise
An increasing number of cryptocurrency firms are opting to pursue traditional IPO listings. This trend signals a merging of digital and conventional markets, potentially drawing increased investment from traditional sources into the cryptocurrency sector.
Engaging in public markets provides crypto-focused organizations like Figure with expanded access to capital through vehicles such as public stock offerings, similar to approaches implemented by firms like Michael Saylor’s Strategy.
Related: ‘Apple Should Invest in Bitcoin,’ Suggests Saylor Amid Share Repurchase Concerns
Figure offers a variety of blockchain-powered financial solutions, which include lending services and the tokenization of real-world assets (RWAs). These are facilitated through the Provenance Blockchain, a public, proof-of-stake blockchain developed by Figure in 2018 with the stated objective of “addressing data control challenges specifically within the financial services industry.”
As reported in March 2024, Figure surpassed $30 billion in on-chain loans and securities transactions. This milestone occurred just three days after the company announced a $60 million Series A funding round dedicated to launching Figure Markets, its initial foray into constructing a comprehensive “everything exchange” for cryptocurrencies, tokenized equities, and securities. The company made the announcement on March 18, 2024.
Related: European Blockchain Organization Adds $68M in Bitcoin to its Treasury Holdings
Circle’s $6.9 Billion Valuation Could Trigger a Crypto IPO Wave in 2025
Circle, the entity behind USDC (USDC), the world’s second-largest stablecoin, successfully went public on the New York Stock Exchange on June 5, after increasing the size of its IPO to over $1.05 billion.
Circle’s successful IPO could inspire a resurgence in crypto IPO activity throughout 2025, potentially enticing other firms to explore opportunities in the public markets. Circle’s IPO valuation placed its worth at $6.9 billion, based on 220 million outstanding shares as of June 2.
As Cointelegraph reported on July 14, asset management firm Grayscale, which focuses on crypto investments, followed suit a month later by submitting its own confidential IPO paperwork to the SEC.
Bullish, a crypto exchange operator and media company, also has plans to raise up to $629 million through an IPO, with aspirations of achieving a $4.2 billion valuation, as reported by Cointelegraph on Tuesday.
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