Figure Technology Files IPO Draft as Blockchain IPOs Rise

- Figure Technology files confidential IPO draft with the SEC. - The move follows a merger with Figure Markets, capitalizing on a 75% market share in asset tokenization. Figure Technology Solutions, a blockchain-native capital marketplace founded by SoFi co-founder Mike Cagney, has taken a significant step toward going public. On August 4, 2025, The Block reported that the company filed a confidential draft registration statement with the U.S. Securities and Exchange Commission (SEC). While specifics on share offerings and pricing remain undisclosed, the filing marks a pivotal moment for the firm's ambition to bridge blockchain innovation with traditional finance. The filing follows the company's July 2025 merger with Figure Markets, a strategic consolidation that merged Figure's blockchain-native asset exchange with its consumer credit marketplace. The move solidified its dominance in real-world asset tokenization, where the company holds an estimated 75% market share. In addition, the platform has originated over $16 billion in home equity loans, making it the largest non-bank provider in this lending market. This development reflects a broader industry trend, as more crypto and blockchain-focused firms enter public markets. Figure Technology joins other companies like Grayscale, Bullish, and BitGo, which have also announced plans to go public. This trend not only underscores a growing effort to integrate blockchain technology with traditional financial systems but also signals greater maturity and scalability in the sector. According to CoinMarketCap on August 4, 2025, as of 20:14 UTC, Solana (SOL) was trading at $165.69, with its 24-hour trading volume having increased by 2.9%. Meanwhile, USDC (USDC) remained pegged at $1.00, and its price changed by a minimal 0.007% over the past day.