Figure Technology Solutions, a financial technology (fintech) company specializing in blockchain-based services, has submitted confidential documents to the U.S. Securities and Exchange Commission (SEC) for an upcoming equity securities offering projected for 2025, the company confirmed.

Known for leveraging blockchain technology to transform financial services, Figure Technology’s move underscores the growing trend of crypto-related enterprises seeking traditional capital markets access.

The filing was made using a new SEC mechanism allowing for confidential submission prior to a formal public offering. Specific details such as the number of shares, pricing range, and exact timing remain subject to market conditions and regulatory review completion.

Crypto IPO Activity Gains Momentum

Figure Technology is not alone; the broader crypto ecosystem is experiencing a surge in interest from traditional financial markets.

The announced IPO for Figure joins several other high-profile cryptocurrency firms in quietly exploring public listings. This activity represents a significant convergence of traditional finance (TradFi) and the Web3 space, attracting substantial capital inflows from institutional investors.

According to market analysts, participating in public markets provides established crypto companies with access to vast pools of capital, similar to those utilized by global technology giants like Microsoft led by Michael Saylor.

Related: Michael Saylor’s Strategy continues to emphasize bold bets on crypto, raising questions about optimal capital allocation strategies for massive tech corporations.

Company Services and Growth

Figure Technology offers a suite of blockchain-based financial services. Core offerings include innovative lending platforms and solutions for the tokenization of Real World Assets (RWA) via their own Provenance Blockchain. This proprietary, public proof-of-stake blockchain infrastructure was developed in 2018 with a clear objective: addressing critical data control issues unique to the financial services sector.

In a clear indicator of rapid expansion, Figure recently announced surpassing $30 billion in cumulative on-chain lending and securities transactions. This achievement was announced shortly after the company secured a substantial $60 million Series A funding round, intended to launch its ambitious “everything exchange” platform component, Figure Markets.

Related: Recent corporate treasury additions to Blockchain Group highlight increasing institutional confidence in specialized blockchain infrastructure providers.

Circle’s Record-Breaking IPO Sets Stage for 2025 Crypto Listings

Preceding Figure’s filing, Circle generated significant investor enthusiasm with its New York Stock Exchange debut. The issuer of the world’s second-largest stablecoin, USDC, Circle significantly upsized its initial public offering to over $1.05 billion, well exceeding initial expectations.

This successful market debut, coupled with its commanding $6.9 billion post-IPO valuation, demonstrates substantial investor appetite for well-established crypto infrastructure companies. The company achieved this valuation based on 220 million outstanding shares as of June 2.

Market Reaction: Analysis of short-term price performance for Circle following its IPO (excluding CRO token) would be detailed here.

The momentum continued in July when crypto-focused asset management company Grayscale also submitted a confidential IPO filing to the SEC.

Further confirmation of this trend comes from reports indicating that Crypto exchange operator and media company Bullish plans to raise up to $629 million through its own IPO, targeting a valuation exceeding $4.2 billion.

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