Figure Technology Solutions, a fintech company focused on transforming financial services through blockchain technology, has filed confidentially for an initial public offering (IPO) with the US Securities and Exchange Commission, joining a growing list of crypto-related companies preparing to enter traditional financial markets.
Figure Technology submitted a confidential IPO filing with the SEC related to its equity securities offering expected in 2025, the company announced on Monday.
The number of shares and the price range have yet to be determined, subject to market conditions and the completion of the SEC’s review process. The IPO filing was made under a new SEC clause that enables confidential filing ahead of a final public offering.
Crypto IPO activity gains momentum
Increasingly more cryptocurrency firms are filing for traditional IPO listings, demonstrating a growing convergence between digital and traditional markets, which may attract more capital from traditional investors to the industry.
Participating in public markets offers crypto firms like Figure more funding opportunities through public stock offerings and similar strategies employed by the likes of Michael Saylor’s Strategy.
Related: Apple should buy Bitcoin,’ Saylor says, as share buyback disappoints
Figure offers blockchain-based financial services like lending and real-world asset (RWA) tokenization through the Provenance Blockchain, a public, proof-of-stake blockchain built by Figure in 2018, aiming to “address issues of data control for use specifically in financial services.”
Figure surpassed $30 billion in onchain loans and securities transactions in March 2024, three days after it announced a $60 million Series A funding round to launch Figure Markets, its first step in building the so-called “everything exchange” for crypto, tokenized stocks and securities, the firm announced on March 18, 2024.
Related: Blockchain Group adds $68M in Bitcoin to corporate treasury
Circle’s $6.9 billion success may start crypto IPO season of 2025
Circle, the issuer of the world’s second-largest stablecoin USDC (USDC), debuted on the New York Stock Exchange on June 5 after upsizing its IPO to over $1.05 billion.
Circle’s success may inspire a renewed crypto IPO season in 2025, inspiring more companies to enter into public markets, after Circle’s IPO pricing gave it a $6.9 billion valuation based on 220 million outstanding shares as of June 2.
A month later, crypto-focused asset management company Grayscale submitted a confidential IPO filing with the SEC, Cointelegraph reported on July 14.
Crypto exchange operator and media company Bullish also plans to raise up to $629 million through an IPO, eying a $4.2 billion valuation, Cointelegraph reported on Tuesday.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
