A blockchain lending firm based in New York has recently filed for an initial public offering (IPO) in the United States, showcasing impressive financial results that highlight the growing interest in digital assets among investors. The company’s revenue for the first half of 2025 increased by 22.4%, reaching $191 million, and it achieved a profit of $29 million, a turnaround from a loss of $13 million during the same period in the previous year. This performance illustrates how companies focused on blockchain technology are benefiting from the renewed enthusiasm for cryptocurrency and other digital assets.
The recent IPO filing aligns with a significant number of crypto firms seeking to enter public markets, creating an extraordinary trend. Together with this blockchain lender, other companies like the Gemini exchange and stablecoin issuer Circle have also made moves towards public listings recently. Notably, Circle experienced a strong debut, encouraging other players in the digital asset space to follow suit.
This year has witnessed a substantial increase in the number of planned cryptocurrency IPOs, with trading platforms like eToro and Bullish successfully completing their own listings. Industry experts are calling this moment one of the most active periods for digital asset public offerings in quite some time. According to a leading analyst, cryptocurrency is becoming increasingly integral to the IPO market, with expectations for more deals to emerge through traditional public offerings and mergers with special purpose acquisition companies (SPACs).
The financial indicators of the firm reveal significant progress. In the first half of 2025 compared to the previous year, total net revenue climbed, and total expenses also saw a decrease. Operating income shifted from a loss to a profit, reflecting a robust recovery and improved management within the company. This positive trend is indicative of a broader confidence among investors regarding blockchain-based financial services.
The company’s operating model focuses on integrating traditional financial goods onto blockchain technology. This framework utilizes a digital network that keeps a secure and transparent ledger of transactions. By implementing blockchain for lending, trading, and investments, the firm has facilitated over $16 billion in home equity loans through collaborations with its many partners.
Notably, this entrepreneur believes blockchain can extend beyond merely disrupting existing sectors. It holds the potential to transform illiquid assets, such as loans, by making their historical performance verifiable on the blockchain, thus introducing much-needed liquidity to previously stagnant markets. Following the IPO, the leadership is expected to retain substantial control over the firm’s decision-making processes while also planning to offer shares to existing holders during the public sale.
The political environment surrounding cryptocurrency has recently shifted towards a more favorable regulatory framework that encourages public offerings. The supportive measures taken during the previous administration have convinced many firms that avoided IPOs due to regulatory concerns to reconsider and pursue going public.
The firm last secured investment in 2021, achieving a valuation of $3.2 billion, which reflects the company’s standing during a rally in the crypto market. With plans to list on Nasdaq under the symbol “FIGR,” renowned investment banks are positioned as lead underwriters for the anticipated offering.
The IPO is envisioned as the first step in a larger strategy aimed at extending blockchain’s reach throughout capital markets. This broader trend in crypto IPOs epitomizes shifting investor attitudes toward blockchain technologies and digital currencies. After an extended period marked by regulatory uncertainty and fluctuations in market conditions, institutional investors appear increasingly ready to support public companies with solid financial fundamentals and established business frameworks.