Mike Cagney’s Figure Technology files draft IPO paperwork with SEC

SoFi co-founder Mike Cagney’s Figure Technology Solutions said on Monday that it confidentially submitted a draft registration statement for a proposed initial public offering.

The firm filed an S-1 form with the U.S. Securities and Exchange Commission in the hopes of launching an IPO this year, according to a statement.

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” Figure Technology said.

Cagney, who’s been in crypto for several years, posted the news to X. “I know it’s been discussed by others, but here it is from the source,” he said Monday.

The field of crypto companies aiming to tap public markets in order to raise more capital is gathering steam. Figure Technology joins Grayscale, Bullish, and BitGo as firms with footholds in digital assets that are seeking to launch IPOs. Circle Internet Group, issuer of the USDC stablecoin, went public in June, and the stock gained more than 500% in about two weeks.

Peter Thiel-backed Bullish said Monday it wanted to raise over $600 million at a valuation of about $4.2 billion.

“Figure Technology Solutions is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity,” according to a statement, adding that the company is “the largest non-bank provider of home equity financing.”

Last year, Cagney’s Figure Markets sought to create a Special Purpose Vehicle for non-U.S. investors and accredited U.S. investors who wanted to participate in the FTX auction of locked Solana tokens.

Figure Technology Solutions merged with Figure Markets last month. As of 2019, Figure had raised a total of $120 million. At the time, Cagney said the company’s strategy was to try and find lending solutions for older homeowners with little cash.