A notable blockchain lender recently submitted its application for an initial public offering (IPO) in the United States, indicating robust financial health as it joins a wave of cryptocurrency firms looking to enter public markets.
In the first half of 2025, revenue for this New York-based company surged by 22.4%, reaching approximately $191 million, while it reported a profit of $29 million, a significant turnaround from a loss of $13 million during the same timeframe in the previous year. These figures highlight how financial companies focused on blockchain are leveraging a renewed interest from investors in digital assets.
The IPO filing reflects a broader trend of cryptocurrency firms entering public markets at an unprecedented speed. Among other recent filings are notable names such as Gemini, a cryptocurrency exchange founded by the Winklevoss twins, and Circle, a stablecoin issuer. Circle’s successful market entrance has encouraged further participation from digital asset companies.
This year has seen an increase in IPO activity from crypto firms, with platforms like eToro and Bullish completing successful market debuts. Such developments are generating excitement in the industry, with analysts describing this period as one of the most active for digital asset public offerings in recent years.
Industry professionals have noted that crypto is becoming a significant segment of the IPO market. Expectations are high not only for traditional IPOs but also for alternative routes like deSPAC transactions, where companies merge with special purpose acquisition companies to go public.
Key performance indicators for the blockchain lender showed impressive growth, including:
– Total net revenue for H1 2025 reached $190,587, a 22.1% increase from $156,023 in H1 2024.
– Total expenses decreased by 10.1% to $154,791.
– The operating income transitioned from a loss of $16,098 in H1 2024 to a profit of $35,796 in H1 2025, marking a 322.4% gain.
– Net income also showed significant improvement, going from a loss of $13,400 to a profit of $29,381, reflecting a 319.3% increase year on year.
The company’s strategy is to incorporate traditional financial products within the blockchain realm, which offers a secure and immutable ledger for a range of transaction types, including cryptocurrency activities. Blockchain’s architecture allows for a decentralized and verifiable transaction record, making it resilient against data manipulation.
Since its inception in 2018, the company has focused on facilitating lending, trading, and investment in consumer credit and digital assets. Through its extensive network of partners, it has originated over $16 billion in home equity loans. The founder envisions blockchain as having the potential to revolutionize capital markets by introducing liquidity to historically illiquid assets, such as loans, by placing them on the blockchain.
The current political climate has also turned favorable for cryptocurrency firms looking to go public. The previous administration’s supportive approach toward digital assets has contributed to a more conducive regulatory environment, which has encouraged firms that were previously reluctant to file for an IPO.
The organization raised $200 million in its last funding round in 2021, achieving a valuation of $3.2 billion during the height of the previous cryptocurrency surge. Plans are being made for the company to list on Nasdaq under the ticker symbol “FIGR,” with several major financial institutions serving as lead underwriters for the offering.
The upcoming IPO signifies just the start of the company’s ambitions to integrate blockchain technology across capital markets. Trends suggest that investor sentiment is shifting positively towards blockchain and digital assets, following periods of regulatory ambiguity and market fluctuations. Institutional investors appear to be increasingly willing to invest in crypto-related public companies that demonstrate solid business models and strong financial results.