“Recent surveys reveal that between 60% and 90% of respondents admit they have no real understanding of crypto—and most say they wouldn’t risk their own money on it.”
Blockchain lender Figure Technology Solutions has formally filed for an initial public offering (IPO), becoming the latest crypto-adjacent company to chase Wall Street dollars and tap into the trillion-dollar engine of public markets.
The announcement has been met with predictable enthusiasm from both crypto enthusiasts and the traditional banks eager to profit from them. Supporters frame the move as a landmark moment, arguing that Figure’s IPO highlights the growing convergence between cryptocurrencies, blockchain infrastructure, and mainstream finance.
Still, the filing comes at a complicated time: the industry continues to face regulatory scrutiny, volatile investor confidence, and widespread public confusion over what blockchain actually does. For Figure, the IPO could either cement its reputation as a serious financial player—or expose the risks of trying to merge Silicon Valley hype with Wall Street tradition.
Analysts suggest that Figure’s IPO represents more than just another crypto firm hitting the market—it points to a broader shift in investor behavior. People who once steered clear of the sector, largely because of its complexity and volatility, are now showing greater willingness to treat crypto-related businesses as legitimate investment opportunities.
“Crypto is becoming one of the big pillars of the IPO market,” IPOX CEO Josef Schuster told Reuters, noting the growing trend of blockchain and crypto companies going public, often through blank-check mergers.
That optimism, however, clashes with public sentiment. Recent surveys reveal a stark reality: between 60% and 90% of respondents admit they have little to no understanding of crypto and would not trust it with their own money. The disconnect highlights a widening gap between Wall Street’s enthusiasm and Main Street’s skepticism.
Adding to the tension, regulators worldwide continue to debate how to classify and govern crypto assets, leaving investors to grapple with a high-risk, high-reward landscape. For companies like Figure, the IPO could either normalize crypto in the mainstream financial system or serve as a reminder that hype doesn’t always translate into trust.
“It just feels questionable,” one respondent remarked in a July 2025 National Cryptocurrency Association poll, reflecting the skepticism many still hold toward the industry.
Figure CEO Mike Cagney acknowledged this cautious, proof-of-concept-driven investor mindset years earlier. In a 2021 interview, he explained how the company had to adapt its approach:
“When we launched in 2018, our vision was to be purely a blockchain-technology company, without needing to also build a lending arm, a payments platform, and everything else,” Cagney said. “But it quickly became clear that the market wasn’t yet ready to embrace blockchain on its own. To survive, we had to create these operating businesses to prove out the model.”
Figure’s emphasis on real-world use cases—from issuing crypto-backed loans to leveraging blockchain for faster, more transparent underwriting—offers a clearer picture of how the technology can be woven into mainstream financial services.
According to its website, the company also taps into Alphabet Inc.’s Google Gemini chatbot alongside OpenAI’s technology to streamline the review of loan applications, further showcasing its tech-driven edge.
This strategy mirrors broader fintech trends, where firms like SoFi and Robinhood (which went public in 2021 and 2019, respectively) have sought to disrupt traditional banking by using technology to make financial services more efficient, accessible, and scalable.
What the hell is Figure anyway?
Co-founded by Cagney, who previously helped launch another major blockchain booster and fintech SoFi Technologies, Figure helps create loans.
The company says that thus far it has shelled out $16 billion in loans, including home equity lines of credit, crypto-backed loans, and digital asset exchanges, all of which bring the blockchain into consumer finance.
Shares are expected to trade on Nasdaq under the ticker symbol FIGR.
The New York City-based company, founded in 2018, is likely hoping to get a bite of the current landscape, where digital assets and blockchain technology are increasingly intersecting with mainstream finance.
That is still a controversial move.
According to its recent SEC filing, Figure posted a net income of $29.1 million on revenues of $43.8 million for the first half of 2025, a notable turnaround from a net loss of $15.6 million on $12.5 million in revenue during the same period a year earlier.
The company first announced its intention to go public earlier this month through a confidential filing. Prior funding rounds, including a 2021 venture-backed raise, valued the company at $3.2 billion.