Company Overview - Figure Technology, a blockchain-based lending company founded in 2018, has filed for an IPO on Nasdaq with Goldman Sachs, Jefferies, and BofA Securities as lead bookrunners [1] - The company claims to be the largest non-bank provider of home equity lines of credit and has established over 160 partnerships for its loan origination system and capital marketplace [4] Financial Performance - For the six months ending June 30, Figure reported a revenue increase of 22.4% to $191 million and a profit of $29 million, compared to a loss of $13 million in the same period the previous year [2] Leadership and Organizational Changes - In April 2024, Figure appointed Michael Tannenbaum, former COO of Brex, as CEO, who previously worked with co-founder Mike Cagney at SoFi [8] - The company underwent a significant organizational change when Cagney spun off Figure Markets in early 2024, only to merge the entities back together a year later [9] Market Position and Strategy - Figure is expanding into cryptocurrency lending, having signed a financing agreement with Victory Park Capital for a securitized pool of crypto-backed loans, allowing asset owners to borrow against Bitcoin and Ethereum holdings with loan-to-value ratios up to 75% [5] - The company aims to capture opportunities in real-world asset tokenization, converting traditional assets into digital tokens for blockchain trading [10] Previous IPO Attempts and Industry Context - This is not Figure's first attempt at going public; the company previously planned a SPAC merger that was scrapped due to rising interest rates and regulatory challenges [10][11] - The IPO filing aligns with a trend of crypto-related companies seeking public listings, following the successful debut of Circle Internet Group and other crypto exchanges [12][13]