Real-World Asset Tokenization Firm Figure Seeks $526 Million in IPO

Figure Technology Solutions Inc. and certain backers are seeking to raise $526 million in an initial public offering (IPO), planning to offer 21.5 million shares and sell 4.9 million more at a proposed range of $18 to $20 per share, the company said in an SEC filing.

At the top of the range the offering would value Figure at about $4.13 billion; a 2021 round had valued it at $3.2 billion. Founded in 2018 by Mike Cagney and led since 2024 by CEO Michael Tannenbaum, Figure develops blockchain-based lending technology and has funded more than $16 billion in loans, including HELOCs, crypto-backed loans and a digital asset exchange. For the six months to June 30, 2025, Figure reported net income of $29.1 million on $190.6 million revenue; IPO pricing is expected Sept. 10 with Nasdaq ticker FIGR.