From Fintech to Wall Street
When a blockchain-native lender makes headlines on Wall Street, founders and investors should pay attention.
This week, Figure Technology Solutions, a fintech co-founded by Mike Cagney (who also launched SoFi) revealed a 22% surge in revenue in its U.S. IPO filing. With $191 million in revenue and $29 million in profit for the first half of 2025, Figure is showing the market what happens when blockchain isn’t just a buzzword but the foundation of a profitable business model.
Why This Matters for Entrepreneurs
The IPO isn’t just another crypto story. It highlights three signals founders should keep on their radar:
Blockchain is moving into mainstream capital markets
By putting historically illiquid assets (like home equity loans) on-chain, Figure is proving blockchain can transform not just payments, but the very infrastructure of lending, trading, and investing.
The regulatory climate is shifting
With a crypto-friendly U.S. administration and the successful IPO of Circle, the stage is set for more digital-asset firms to go public. Entrepreneurs building in fintech, lending, or DeFi should see this as validation: the market and regulators are opening doors.
Profitability is possible in blockchain-native businesses
Many Web3 startups struggle to move beyond hype. Figure’s numbers demonstrate that blockchain infrastructure can deliver real, sustainable revenue when tied to strong financial products.
The Bigger Picture: Liquidity Where None Existed
One of the most powerful aspects of Figure’s model is tokenizing illiquid assets. Home equity, loans, and other traditionally static instruments gain new life when placed on-chain. Liquidity, transparency, and accessibility aren’t just theoretical anymore, they’re market advantages.
For startups, this is a blueprint:
Ask where your industry holds “locked” value.
Consider how blockchain can unlock it.
Build products that create efficiency, liquidity, and new financial pathways.
What Comes Next
Figure plans to list on Nasdaq under the ticker FIGR, backed by heavyweight underwriters like Goldman Sachs, Jefferies, and BofA Securities. Whether the IPO soars or stumbles, the message is clear: blockchain is no longer peripheral to Wall Street, it’s becoming one of its pillars.
For U.S. entrepreneurs, this is more than market news. It’s a reminder: the next wave of disruption won’t just be about building new digital assets, but about reimagining how the financial system itself operates.
