Blockchain-based lending firm Figure Technology Solutions has raised the size of its initial public offering (IPO), with the total deal potentially reaching nearly $800 million.
According to a Tuesday filing, the company is offering 26.6 million shares of Class A common stock at a revised price range of $20 to $22 per share, up from an earlier range of $18 to $20. Selling stockholders will offer an additional 4.85 million shares, bringing the total offering to 31.5 million shares.
If underwriters exercise their full 4.7 million-share overallotment option, the total IPO size, including both primary and secondary shares, could reach $796 million. However, only the primary shares, those sold by Figure, will generate proceeds for the company.
The primary sale, which involves the 26.6 million shares issued by Figure, would generate up to $585 million in gross proceeds. The company could raise up to $689 million if the overallotment is exercised in full. The remaining proceeds from the secondary shares will go to existing shareholders.
Related: Gemini boots IPO to $433M, aims for $3 billion valuation
Figure to strengthen products
Figure intends to use the proceeds to strengthen its blockchain ecosystem, invest in platform development, expand its digital asset marketplaces and repay a portion of outstanding debt.
Specifically, the company plans to accelerate adoption of its loan origination platform, Figure Connect, and continue scaling Dart, its onchain lien and eNote registry.
It also intends to enhance infrastructure for its US Securities and Exchange Commission-registered interest-bearing stablecoin, YLDS, which Figure markets as a compliant alternative to traditional stablecoins that don’t offer yield.
Figure generated net income of $29 million in the first half of 2025 and reported total stockholders’ equity of $404 million as of June 30, 2025. Furthermore, the company has an accumulated deficit of $292 million.
Related: Figure Technology seeks $4B valuation in public listing as crypto IPO wave builds
Gemini upsizes IPO offering
On Tuesday, crypto exchange Gemini also raised its IPO price range to $24–$26 per share, aiming for a valuation above $3 billion ahead of its Friday debut. The offering size remains at 16.67 million shares, but the expected raise has jumped to $433 million from the previous $317 million.
The Winklevoss-founded firm also secured Nasdaq as a backer, with the exchange set to purchase $50 million worth of shares in a private placement.
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