So, Figure Technology Solutions is making a pretty serious move. They’re aiming to raise over half a billion dollars in an IPO. That’s a big number, even in today’s market. According to filings that came out Tuesday, they’re looking to sell about 21.5 million shares. The price is set between $18 and $20 a pop.
If it all goes through at the top end, the company could be valued at something like $4.3 billion. Not too shabby. It feels like we’re seeing more and more of this lately—crypto and blockchain outfits deciding now’s the time to go public.
From Home Loans to Blockchain
It’s interesting to look back at where Figure started. A lot of people know them now for their work on the Provenance Blockchain, building financial products with that tech. But that wasn’t always the case. They actually began with consumer lending. Their first big thing was a digital home equity line of credit, aimed at regular homeowners here in the U.S.
Only later did they really lean into blockchain, using it to try and streamline how lending and securitization work. I guess you could say they evolved. Their recent financials show some solid momentum, with revenues hitting $191 million just in the first half of this year. That’s up from where they were.
It’s Not Just Them
But Figure isn’t alone in this push to go public. Far from it. Just this week, the crypto exchange Gemini filed for its own IPO, aiming for around $317 million. And then there’s Kraken—rumors are swirling that they’re eyeing a $500 million raise, maybe looking at 2026 for their public debut.
It’s starting to feel like a pattern. Maybe it’s the market conditions, or just a growing confidence in the sector. It’s hard to say for sure.
Recent Success Stories
We’ve already seen some huge successes lately. Take Bullish, the digital asset exchange. They had a wild first day of trading back in August. Shares priced at $37 shot up more than 200% at one point. They’re still sitting at a valuation near $10 billion, even after things settled down.
And right before that, Circle, the stablecoin company, had its own IPO. They raised over a billion dollars and saw their stock price double on day one. They’re now valued around $30 billion. Those are numbers that get everyone’s attention.
But it’s not just traditional IPOs. Some are trying different paths. A group of crypto execs recently started a SPAC—a special purpose acquisition company—based in the Cayman Islands. They’re looking to raise $200 million to target bitcoin infrastructure. So the methods are varying, but the goal is the same: going public.
It makes you wonder if this is a lasting shift or just a moment. Either way, it’s a busy time.
