Figure Technology has filed the form S-1 with the U.S. SEC on a confidential basis, with the aim of launching an IPO: the trend of cryptocurrencies is entering the bull and bear market on Wall Street, while the company founded by Mike Cagney is preparing for a historic turning point.
What does the reserved IPO of Figure Technology mean?
In practice, the presentation of a draft registration statement to the SEC is used to gauge investor interest and comply with regulatory requirements to enter the U.S. stock market. Figure Technology has not yet disclosed either the number of shares or the price range, elements that will be decisive for the actual listing.
The announcement was formally shared directly by Mike Cagney on X, the social platform now crucial in the bull crypto and financial world, immediately sparking the first speculations among analysts and industry insiders.
So che è stato discusso da altri, ma eccolo dalla fonte. Boom. https://t.co/IRjVvEy72R
— Mike Cagney (@mcagney) 4 agosto 2025
Who is Mike Cagney and why is his move making news?
Mike Cagney, former CEO and co-founder of SoFi (Social Finance), is known for his pioneering vision in fintech and has associated his name with radical innovations in financial services, from SoFi to Figure.
After leaving SoFi, in 2019 Cagney founded Figure Technology with the aim of bringing blockchain into real estate finance, specifically targeting older homeowners with liquidity needs. To date, the company has raised about 120 million dollars, becoming the “largest non-bank provider of home equity financing” in the USA.
Why is Figure Technology aiming for a listing right now?
The timing of the IPO is not coincidental: crypto companies are increasingly seeking legitimacy by entering traditional markets, after having raised enormous capital in the private sector. Figure Technology is riding the wave of other digital platforms like Grayscale, Bullish (supported by Peter Thiel), and BitGo, all ready to follow the same path.
Just think that about two weeks ago, Circle Internet Group, issuer of the stablecoin USDC, debuted in the stock market with a surge of over 500% in fifteen days, a very strong signal for the entire blockchain sector oriented towards IPOs.
Furthermore, Bullish has already announced a fundraising exceeding 600 million dollars and a valuation aiming at 4.2 billion: the trend is clear, with capital targeting the big numbers of public finance.
What is the business model of Figure Technology in the blockchain sector?
According to the same definition released in official statements, Figure presents itself as “a blockchain-native capital market platform that seamlessly connects origination, funding, and secondary market activity.” In simple words, it offers the possibility to manage loans, issuances, and asset exchanges on blockchain in an integrated manner, focusing especially on collateral financial products on real estate.
Therefore, Figure is not just a digital lending company, but a true ecosystem of “institutionalized” DeFi services, focusing on efficiency, scalability, and the security of immutable data typical of the blockchain.
What are the precedents and key milestones for Figure Technology?
In 2023, Cagney had already attempted an innovative move with Figure Markets: the creation of an SPV (special purpose vehicle for investments) to allow non-US investors and accredited investors to participate in the auction of locked Solana tokens from FTX.
Recently, there was the merger between Figure Technology Solutions and Figure Markets, thereby strengthening the company’s position in the universe of crypto-regulated services and increasing the appetite of institutional investors.
What changes and what risks/advantages for the crypto and DeFi world?
The IPO of Figure Technology represents a turning point for anyone following digital assets: more and more entities born in the blockchain sector want to access public investors’ capital and the visibility of regulated markets. This transition will bring greater transparency, compliance, and a new wave of fundraising, especially as products like exchange-traded fund (ETF), stablecoin, and asset tokenization are gaining mainstream attention.
Attention, however, to the challenges: regulation is evolving, the market remains volatile, and the true impact of the integration between traditional finance and DeFi is not yet entirely predictable.
What happens now? Prospects and cliffhanger on the IPO of Figure Technology
The next crucial steps will be the official announcement of the offer details – number of shares, price range, and valuation – along with the market reactions and the possible emulative pushes from other crypto entities.
With a fundraising already exceeding 120 milioni di dollari and a team led by Cagney, Figure is preparing to redefine the boundaries between DeFi and traditional finance, symbolizing the concept of “banking on blockchain”.
The race for crypto IPOs is changing the rules: among new regulations, market risks, and enormous hype, everything can change in the coming weeks. Stay updated on the official channels of Figure Technology and the dedicated communities: the future of the sector passes right through here.