XRP continues to gain relevance in mainstream finance, as blockchain lender Figure signals growing crypto confidence with its intent to go public under the ticker FIGR on Nasdaq.

Figure Enters the Public Arena via Nasdaq IPO

Figure, a fintech company leveraging blockchain and co-founded by Mike Cagney—also known for founding SoFi—has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The company plans to list its Class A shares on the Nasdaq exchange under the symbol FIGR, representing their expansion into public markets. The IPO will be underwritten by investment banking heavyweights Goldman Sachs, Jefferies, and BofA Securities.

A Long-Awaited Journey to the Public Market

This move has been part of a longer roadmap for the company. Back in 2021, Figure sought a different path to the market by launching a special purpose acquisition company (SPAC) named Figure Acquisition Corp. I. The SPAC raised $250 million and aimed to acquire promising, growth-stage companies utilizing the Provenance blockchain. However, despite the capital and strategy, the SPAC did not ultimately lead to Figure’s own market debut.

Now, with a more receptive regulatory climate and improving investor sentiment in blockchain and digital assets, Figure is re-engaging the public markets more directly. This mirrors a wider trend among crypto-native companies opting for traditional equity routes, sparked in part by a recent wave of similar listings.

Crypto IPO Wave Gains Momentum

The broader optimism in crypto equity offerings is evident, with other firms joining the public listing surge. Among them is crypto exchange Bullish, which saw an impressive debut, doubling its IPO price. Bullish also owns CoinDesk, highlighting how even traditional crypto news and media entities are becoming part of this financial movement.

Figure’s Strategic Expansion and Rising Financials

In a significant development just last month, Figure merged with another Cagney-founded enterprise, Figure Markets. This blockchain marketplace is notable for issuing YDLS, a yield-bearing stablecoin built as a tokenized money market fund—an innovation that aligns with increasing institutional interest in regulated digital assets.

According to Figure’s S-1 registration filing, the company reported a 22.4% rise in revenues during the first half of 2025, reaching $190.6 million. Additionally, it swung into profitability, marking $29 million in net income—a stark improvement from its $13 million loss posted during the same period in the previous year.

IPO Use of Funds and Market Outlook

Proceeds raised from the IPO are slated for general corporate purposes, including bolstering working capital and exploring acquisition opportunities. At this time, the company’s filing emphasizes that it does not intend to issue dividends to shareholders.

Related: XRP Price: $12M Max Pain for Bears

As XRP and other cryptocurrencies increasingly intersect with traditional finance, Figure’s IPO and its blockchain innovations serve as a bellwether for the sector’s deepening legitimacy. Industry stakeholders and retail crypto investors alike are watching closely as tokenized assets and public markets further integrate.