A blockchain-based lender has initiated the process for a U.S. initial public offering (IPO) this week, showcasing robust financial results that highlight a surge in interest among investors in digital assets. This decision aligns with a larger trend of cryptocurrency firms moving towards public markets at an accelerated rate.
The New York-based firm reported a 22.4% increase in revenue, reaching $191 million during the first half of 2025. This performance marked a notable turnaround, transitioning from a $13 million loss in the same period last year to a profit of $29 million. These achievements illustrate how financial companies focused on blockchain are poised to benefit from renewed enthusiasm for digital currencies.
Joining a growing queue of crypto firms seeking to go public, the lender’s filing comes alongside others such as the Gemini exchange and stablecoin issuer Circle, whose positive public offerings have inspired confidence in the sector.
The current surge in the crypto IPO pipeline is unprecedented, with trading platforms like eToro and Bullish successfully debuting on public markets, signaling what experts believe to be the most vigorous period for digital asset listings in years. Industry analyst Josef Schuster commented that cryptocurrencies are becoming one of the foundational elements of the IPO landscape, with expectations of more deals happening not only through traditional IPOs but also via direct listings and mergers with special purpose acquisition companies (SPACs).
Regarding key financial indicators, the firm noted significant growth compared to the previous year. Total net revenue for the first half of 2025 was reported at $190.6 million, up from $156 million the prior year, while total expenses decreased by 10.1%. This favorable shift resulted in a switch from an operating loss to a gain, with operating income increasing to $35.8 million, and net income reflecting a substantial jump as well.
The company’s strategy revolves around enhancing traditional financial services by integrating them with blockchain technology. Their services include lending, trading, and investing within consumer credit and digital assets. To date, over $16 billion in home equity loans have been originated through the firm and its various partners.
The firm’s leadership believes that blockchain technology has the potential to revolutionize capital markets by enabling the digitization of previously illiquid assets. The co-founder has emphasized that the technology can provide liquidity and transparency to markets that historically lacked these qualities.
Political conditions have also improved for cryptocurrency companies pursuing IPOs, with a favorable regulatory environment encouraging many to take this step. The company had last raised funds in 2021, securing $200 million when valuations soared during the previous crypto boom. Plans are in place for listing on Nasdaq under the ticker “FIGR,” with major investment banks set to support the offering.
This IPO represents an initial step in a broader vision to incorporate blockchain into various facets of capital markets. The present climate around crypto IPOs highlights shifting investor attitudes towards blockchain technology and digital assets. After experiencing a tumultuous period shaped by regulatory ambiguities and market fluctuations, institutional investors seem increasingly inclined to invest in public companies with concrete business models and strong financial standings.
In summary, the initiative to launch a public offering illustrates a significant moment amid a growing trend of crypto firms entering stock exchanges, reflecting both a shift in market dynamics and an increase in confidence among investors in blockchain-related enterprises.