Figure's Crypto IPO: AI & Blockchain Drive Mainstream Finance Push

Blockchain-based lending firm Figure Technology Solutions has officially filed for an initial public offering, marking another significant stride by a crypto-related company into the vast trillion-dollar landscape of public markets. This move has been met with enthusiasm across parts of the financial industry, with analysts and proponents hailing it as a crucial step in the evolving integration of cryptocurrencies, blockchain technology, and mainstream finance. Some observers suggest this signals a broader shift, indicating that investors previously hesitant about crypto are becoming more comfortable with it. Josef Schuster, CEO of IPOX, even remarked to Reuters that “Crypto is becoming one of the big pillars of the IPO market,” referring to companies entering public trading, often through blank-check mergers.

Yet, this optimistic outlook stands in stark contrast to the general public’s understanding of digital assets. Recent polls conducted in July 2025 reveal a striking paradox: between 60% and 90% of respondents admit they have little to no idea what crypto is or how it operates, and unequivocally state they would not invest their own money in it. One respondent in a National Cryptocurrency Association poll simply articulated the sentiment: “It just seems questionable.” This skepticism is not new to the sector. Figure CEO Mike Cagney acknowledged this demand for tangible utility in a 2021 interview, recalling the company’s early days. “When we started back in 2018, I think our hope was that we could just be a blockchain-technology company and not have to build another lending business and a payments business and everything else,” Cagney explained. “What became very clear to us early on is that the world wasn’t ready to lean into blockchain the way that we were, so we created these operating businesses.”

Figure’s IPO, however, might signal a slight softening of this “proof-of-concept or nothing” investor attitude for crypto firms that can demonstrate clear, practical applications. The company’s business model centers on offering crypto-backed loans and leveraging blockchain for transparent, accelerated loan underwriting. This approach more clearly illustrates how blockchain can be woven into core financial services. Furthermore, Figure’s technological infrastructure showcases a blend of cutting-edge innovations, utilizing Alphabet Inc.'s Google Gemini chatbot and OpenAI Inc. technology to streamline loan application processing. This strategy mirrors how established banks and modern fintech players like SoFi and Robinhood (which went public in 2021 and 2019, respectively) are harnessing technology to redefine traditional banking practices, much like PayPal’s recent foray into AI-driven payment solutions.

Unlike some earlier crypto ventures that faced regulatory scrutiny and public skepticism, Figure appears to be building credibility through its operational performance and institutional backing. The company reported a substantial 22% jump in its second-half results for the year, and it enjoys support from prominent institutional investors such as Apollo Global Management and Ribbit Capital. This financial health and robust backing could further legitimize blockchain’s role in mainstream finance, echoing the impact of Coinbase’s 2021 public debut, which achieved an $85 billion valuation. While Coinbase’s IPO undeniably bolstered crypto’s status as a legitimate asset, it also, for many, deepened the confusion surrounding the nascent industry.

Co-founded by Mike Cagney, who also played a pivotal role in launching fintech giant SoFi Technologies, Figure specializes in loan origination. The New York City-based company, established in 2018, reports having disbursed $16 billion in loans to date, encompassing home equity lines of credit, crypto-backed loans, and digital asset exchanges—all designed to integrate blockchain into consumer finance. Shares are anticipated to trade on Nasdaq under the ticker symbol FIGR. According to its recent SEC filing, Figure posted a net income of $29.1 million on revenues of $43.8 million for the first half of 2025, a significant turnaround from a net loss of $15.6 million on $12.5 million in revenue during the same period a year prior. The company had initially announced its confidential intention to go public earlier this month, following a 2021 venture-backed funding round that valued it at $3.2 billion. While Figure’s demonstrated financial viability and practical applications offer a compelling case, the broader integration of digital assets and blockchain technology into mainstream finance remains a subject of ongoing debate and public education.