Mike Cagney's Figure Technology Drafts IPO Submission

Figure Technology Solutions, a company co-founded by SoFi's Mike Cagney, announced on Monday that it has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). While the specific number of shares to be offered and the pricing details remain undecided, this move signals Figure Technology's ambition to launch an IPO this year. Cagney, well-known in the crypto space, shared the news on X, emphasizing its authenticity by stating, 'I know it's been discussed by others, but here it is from the source.' The trend of crypto companies seeking entry into public markets for capital expansion is gaining momentum, with Figure Technology joining notable firms like Grayscale, Bullish, and BitGo in this endeavor. Circle Internet Group, which launched the USDC stablecoin, went public in June, resulting in a stock surge exceeding 500% in around two weeks. Bullish, another notable contender backed by Peter Thiel, announced its intention to raise over $600 million at a market valuation of approximately $4.2 billion. According to official statements, Figure Technology Solutions operates as a blockchain-native capital marketplace, effectively linking origination, funding, and secondary market transactions. The company has positioned itself as the largest non-bank provider of home equity financing. Previously, Cagney's Figure Markets aimed to create a Special Purpose Vehicle for non-U.S. investors and accredited U.S. investors interested in participating in the FTX auction of locked Solana tokens. Recently, Figure Technology Solutions merged with Figure Markets, further solidifying its operational framework. Since 2019, Figure has successfully raised about $120 million, with Cagney asserting the company's objective to find lending solutions tailored for older homeowners with limited cash resources.