Another major player from the crypto world is heading to Wall Street. Figure, a blockchain-based lending platform, has confidentially filed for an initial public offering (IPO) in the U.S., signaling its intent to join the growing list of crypto-native companies making their public debut.
According to a recent Bloomberg report, Figure submitted an S-1 form with the U.S. Securities and Exchange Commission (SEC) earlier this week. Because the filing was confidential, few details have been shared so far. The company hasn’t revealed how many shares it plans to offer or the target price range, but it did note that the IPO is likely to take place sometime in the second half of 2025.
“The offering is subject to market and other conditions, as well as the completion of the SEC’s review process,” Figure Technology Solutions said in a brief statement.
Figure Joins Growing List of Crypto IPOs
Figure isn’t alone. The IPO pipeline is quickly filling up with crypto companies eager to go public, especially in light of the Trump administration’s more favorable stance toward the digital asset industry. The shift in regulatory tone has created a window of opportunity that many firms are now seizing.
Just recently, stablecoin issuer Circle made headlines with its own IPO. After going public on June 6, shares of Circle soared 120% from their offering price. The company raised approximately $1.1 billion by selling 34 million shares at $31 each, achieving a pre-trading valuation of $6.8 billion.
Similarly, Peter Thiel-backed crypto exchange Bullish has filed its IPO paperwork and is targeting a U.S. listing worth up to $4.23 billion. In mid-July, digital asset custodian BitGo also submitted a confidential S-1 filing. Other notable names, including Grayscale and Gemini (founded by the Winklevoss twins), are said to be exploring listings of their own.
What This Means for Crypto
The growing number of IPO filings from crypto companies suggests a new phase of maturity for the industry. For years, many digital asset firms operated in a regulatory gray area or opted to stay private to avoid scrutiny. But with shifting political winds and a more supportive environment under the current administration, public markets are starting to look more attractive.
Figure’s move is another signal that the crypto industry is no longer content with staying in the shadows. As traditional finance and blockchain technology continue to converge, public listings like this could become the norm not the exception.
