Figure Technology Solutions has filed for a Nasdaq listing under the FIGR symbol, releasing its S-1 prospectus, as the company looks to capitalize on the recent success of blockchain-related public offerings. The move comes on the heels of strong performances from stablecoin issuer Circle, whose stock surged to eight times its IPO price, and crypto exchange Bullish, which briefly doubled in value after going public.
Founded by Mike Cagney, Figure positioned itself from the outset as a visionary firm aiming to rewire regulated markets using blockchain. Unlike many crypto companies that operated in largely unregulated territory, Figure targeted heavily regulated sectors, a strategic choice that has both validated its approach and significantly slowed its progress.
The company’s strategy proved challenging during the Biden administration’s tightened oversight of regulated firms deploying blockchain. While crypto firms experienced hurdles, regulated institutions encountered complete roadblocks. Figure faced multiple roadblocks, including challenges with Figure Pay, a consumer payments app, and the stalling of the USDF Consortium, which aimed to provide an interbank blockchain payment system for community banks. The FDIC rebuffed or ignored every adaptation the USDF Consortium attempted to gain approval. Figure began turning a profit a year ago after years of navigating regulatory hurdles.
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