Archive — US — techcrunch
Figure’s IPO filing marks Mike Cagney’s return to public markets
Figure Technology has filed for an IPO on Nasdaq, aiming to bolster its blockchain lending operations. Co-founded by Mike Cagney, the company reports significant revenue growth and profit. This marks Cagney's return to public markets after his departure from SoFi. With ambitions in cryptocurrency lending and plans for real-world asset tokenization, Figure's move aligns with a broader trend of crypto companies seeking public listings.
Key points
- Figure Technology filed for an IPO on Nasdaq, with Goldman Sachs, Jefferies, and BofA Securities as lead bookrunners.
- Revenue rose 22.4% to $191 million in the first half of 2025, with a profit of $29 million compared to a loss of $13 million the previous year.
- The IPO represents a chance for Mike Cagney to regain credibility post-SoFi, which has seen substantial success since its IPO.
- Figure is expanding into cryptocurrency lending, establishing a partnership with Victory Park Capital for crypto-backed loans.
- Cagney previously attempted to acquire a national bank charter, but the application was withdrawn amid regulatory challenges.
- Figure's IPO filing comes amid a surge in cryptos seeking public listings, encouraged by the performance of notable companies like Circle and Bullish.
Why it matters
- Historical context shows a growing acceptance and regulation of blockchain and fintech innovations starting around the mid-2020s.
- Cagney's return to public markets mirrors the resilience of fintech after initial setbacks and scandals.
- In 2025, a surge in cryptocurrency-related IPOs highlights a broader trend of market capitalization for blockchain firms and crypto assets.
Figure's IPO marks a significant step for the company and Cagney amidst a booming trend in blockchain and crypto markets, highlighting both the potential and risks that companies in this sector continue to face.