Core Viewpoint - Figure Technology Solutions Inc. has successfully turned around its financial performance, achieving a net profit of $29.1 million and revenue of $190.6 million in the first half of the year, marking a significant improvement from a net loss of $15.6 million and revenue of $156 million in the same period last year [3][5]. Group 1: Financial Performance - The company reported a net profit of $29.1 million and revenue of $190.6 million for the six months ending June 30, reflecting a strong recovery from the previous year's losses [3][5]. - Figure's business model has matured, leading to increased market acceptance and improved financial results [3][4]. Group 2: Business Operations - Figure has facilitated over $16 billion in lending on the blockchain, showcasing substantial business scale [5]. - The average FICO credit score for HELOC loan customers is 753, while the average score for Figure-branded loan customers is 740, indicating a strong credit quality among its clientele [5]. Group 3: Technological Integration - The company is leveraging artificial intelligence to optimize its business processes, utilizing OpenAI technology for loan application assessments and deploying a chatbot powered by Alphabet's Gemini on its website [5]. Group 4: Leadership and Background - Figure was co-founded by Mike Cagney in 2018, who previously played a key role in the founding of SoFi Technologies Inc. [8]. - Michael Tannenbaum has been appointed as the new CEO, while Cagney is expected to maintain significant voting control post-IPO [8]. Group 5: Market Position and Future Outlook - The IPO application signifies the ongoing penetration of cryptocurrency-related companies into traditional capital markets and highlights the commercialization of blockchain technology in financial services [4][7]. - The involvement of notable investors such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital provides financial backing and industry credibility to the company [5].

Core Viewpoint - Figure Technology Solutions Inc. has officially submitted an IPO application to the SEC, joining the trend of cryptocurrency-related companies going public, reflecting the increasing acceptance of blockchain technology in traditional financial services [1][2]. Group 1: Financial Performance - For the six months ending June 30, Figure reported a net profit of $29.1 million and revenue of $190.6 million, a significant improvement from a net loss of $15.6 million and revenue of $156 million in the same period last year [1]. - The company's performance indicates a maturation of its business model and increased market acceptance [1]. Group 2: Business Scale and Client Quality - Figure has facilitated over $16 billion in lending on the blockchain, showcasing substantial business scale [2]. - The average FICO credit score for HELOC loan customers initiated or purchased by Figure in 2024 is 753, while the average score for Figure-branded loan customers is 740, indicating a strong credit profile among its clientele [2]. Group 3: Technological Applications - Figure is leveraging artificial intelligence to optimize its business processes, utilizing OpenAI technology for loan application assessments and deploying a chatbot powered by Alphabet's Gemini on its website [2]. Group 4: Investor Support and Company Structure - The company's investor base includes notable institutions such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital, providing financial backing and industry credibility [2]. - Following the IPO, the company will change its name from FT Intermediate Inc. to Figure Technology Solutions [2]. Group 5: Company Background - Figure was co-founded by Mike Cagney in 2018, who was previously part of the founding team of SoFi Technologies Inc. and served as CEO until 2018 [3]. - The company appointed Michael Tannenbaum as the new CEO in 2024, while Cagney is expected to maintain majority voting control post-IPO [3]. - Figure's core business focuses on developing blockchain technology to facilitate lending, initially concentrating on HELOC products and expanding into cryptocurrency-backed loans and digital asset exchanges [3].

Group 1 - OSL Group has entered into a share purchase agreement to acquire 45,000 shares of Evergreen Crest Holdings Ltd., representing 90% of the target company's issued shares, for a total consideration of $15 million (approximately HKD 117 million) [1] - The consideration shares will account for approximately 1.48% of the company's total issued shares as of the announcement date, and 1.46% assuming no other changes in the issued share capital [1] - The target company will become an indirect subsidiary of OSL Group, and its financial performance will be consolidated into the company's financial statements [1] Group 2 - Evergreen Crest Holdings Ltd. was established under the laws of the British Virgin Islands and is owned 90% by the seller and 10% by minority shareholders [2] - The target company directly holds 95% of PT Langit Indonesia Berjangka and 99% of PT Multikripto Exchange Indonesia, which are involved in establishing a digital asset exchange [2] - PT Langit Indonesia Berjangka holds a futures broker license in Indonesia, while PT Multikripto Exchange Indonesia holds a cryptocurrency trader license [2] Group 3 - OSL Group primarily operates in the digital asset and blockchain platform business in the Asia-Pacific region and is seeking value-added acquisition opportunities to accelerate its international expansion [3] - The acquisition is expected to provide immediate and strategic access to the Indonesian digital asset market, which is considered one of the most promising cryptocurrency markets in Asia [3] - Indonesia's key characteristics for industry growth include a large young population, a robust economic growth foundation, and a rapidly increasing cryptocurrency adoption rate [3]