Figure Technologies filed preliminary documents for an IPO expected in 2025, with Goldman Sachs, Jefferies, and Bank of America leading the offering. The blockchain lending firm posted $191 million in revenue, up 22%, and $29.1 million net income in the first half of 2025. Founded in 2018, it has processed more than $16 billion in home loans and is the largest non-bank provider of home equity credit in the U.S. Its Provenance blockchain holds 70% of the tokenized private credit market, securing over $11 billion in value. Shares will trade under the ticker FIGR. Analysts view the IPO as a milestone for mainstream tokenization adoption.