Figure’s IPO filing marks Mike Cagney’s return to public markets

Figure technology, a seven-year-old blockchain-based NDING NDING company, has filed Goldman Shutch, Jefferries and BFA Securities as its main bookors for an IPO on Nasdak.

The number of shares at the offer and price limit has not yet been determined.

The image says in its IPO papers that the income of the six months in the six months ended on June 5, its revenue increased to $ 22.5 million, and it said that it would earn $ 20 million at the same time compared to a loss of $ 1 million a year ago.

The filing is the co-founder of the image, Mike Kagnie, who has previously made Sophie before leaving the personal finance platform in 2017 after the allegations of sexual harassment. Sophie 2021 has become universal through the attachment of the acquisition agency (SPAC) and has done well as a government agency – its stock has increased by more than 200% last year and its income has increased by 44% in the second quarter of 2025.

Since its founding in 2018, the image has established itself as one of the largest players of blockchain-based NDING, demanding more than 160 partners for its Loan source system and capital market. Image claims that Credit is the largest non-bank supplier of the home equity line.

The company, founded with his wife June Ou, is used to speed up approval for home equity loans, mortgage re -finishing and students and personal loans using blockchain technology through its Provenance Blockchain.

In May, Figure said that it was also expanding in the case of cryptocurrency nduing, signing a financing agreement with Victory Park Capital, described as the first securized pool of the crypto-backed Loans. This product allows resource owners to take up to 75%of the loan-to-value-value ratio against their Bitcoin and Eotherium Holdings.

The terms of this agreement were not published with Victory Park.

Kagnie has a history of ambitious regulatory steps. As TechCrunch Report By the end of the first day of the first Trump administration, the image applied for the US National Bank Charter, which allowed the Traditional FDIC and Federal Reserve to receive $ 250,000 without insured deposits. This method can set up a template to get profitable financial products for other fintechs and retail companies and to avoid this national supervision, but the image withdrew its application in the challenges of the expanding fintech industry last year.

Meanwhile, the company has made big leadership and organizational changes. In April 2024, the image was appointed by the former CEO of Brex Michael Tanneboum as the CEO. Tanneboum had previously worked as Sophie’s chief revenue officer with Kagni.

And in an abnormal corporate clever, Cagnie spread the image markets in the early 2024, creating a standlone digital asset exchange for crypto trading, crypto-supported loans and stabiline. However, just a year later, in July, the image reversed and returned the two entities together.

The company says that the strategy is to capture a huge and growing opportunity in the real-world resource tokenization. (Real-World Asset tokenization involves converting a mortgage, real estate, or loans to digital tokens that can be traded on blockchain networks.

It is noteworthy that this is not the first attempt of the image to go public. The company had previously planned to enroll through a integrated name called a spack Image -acquisition corporationHowever, the deal was canceled due to the growing interest rate and release rate among other challenges. The empty check agency was later listed from the New York Stock Exchange.

Figure, whose supporters include Apollo Global Management and Ribit Capital, failed to complete it too Planned attachment In the Homebridge Financial Services 2022, a mortgage-donor, 10 months after the tie-up announcement, quoting the regulatory delay.

It is not surprising for the IPO filing industry observers. For one, figure – which has finally collected $ 200 million in a $ 3.2 billion evaluation in 2021 – announced Week -before It has filed a confidential statement for an IPO. Furthermore, the time is integrated with the growing waves of crypto-related companies that look for public list, encouraged by the Circle Internet Internet Group’s Wildlife Successful Land in June and full body support for the Trump administration’s cryptocurrency sector and cryptocurrency sector and for the Trump administration Related lawThe

Circle shares have increased by 500% in their first two weeks in the public market. Crypto Exchange Bullish has added to speed as its share More than twice On the first day of business last week.

Friday, Winklevos Twins’s Crypto Exchange Jemie filed for an IPO although despite the report that 282.5 million net losses In the first half of 2025.