Tokenized Lending Giant Figure and Thiel-Backed Exchange Bullish File for IPOs

On August 4, 2025, blockchain-native firms Figure Technology Solutions and Bullish each filed to go public in the United States, becoming the latest crypto companies to seek capital from traditional markets.

Their IPO bids follow Circle’s explosive post-listing rally, which saw its stock surge over 400%, renewing institutional interest in the sector. The filings also reflect a more supportive U.S. policy environment, shaped by the recent passage of the GENIUS Act and the CLARITY Act — two cornerstone bills aimed at fostering blockchain innovation.

Figure Technology Solutions: Redefining Lending with Blockchain

Founded by former SoFi CEO Mike Cagney, Figure Technology Solutions has become a leading player in the tokenized lending space, specializing in home equity lines of credit (HELOCs) and operating on the Provenance Blockchain — a purpose-built network for financial applications. Since its inception, Figure has originated over $16 billion in loans, making it the largest non-bank originator of HELOCs in the U.S.

Provenance Blockchain, which powers Figure’s platform, is trusted for moving billions in assets with precision and confidence. To date, Provenance has facilitated over $42 billion in loan transactions, with more than $15.8 billion in active loan TVL, and supports 79% of the Web3 private credit market. The blockchain is secured by a robust network of over 65 validators, ensuring speed, security, and transparency.

In July 2024, Figure announced a merger with Figure Markets, expanding its product suite to include a crypto exchange and the YLDS stablecoin. The newly launched Figure Connect marketplace has attracted nearly 200 fintech and traditional lenders, facilitating billions of dollars in on-chain transactions. Backed by a $2 billion liquidity commitment from Sixth Street and partnerships with major financial institutions such as Goldman Sachs, JPMorgan, and BlackRock, Figure is preparing for a potential IPO, having filed a confidential S-1 with the SEC in March 2024.

Bullish: A Crypto Exchange With Institutional Firepower

Bullish, a Cayman Islands-based crypto exchange backed by Peter Thiel’s Founders Fund, Nomura, and Mike Novogratz’s Galaxy Digital, operates a hybrid trading platform for institutional clients. The platform combines a central limit order book with automated market making and does not issue a proprietary token, running instead on a private, permissioned blockchain architecture.

Since its 2021 launch, Bullish has executed over $1.25 trillion in trading volume and, in November 2023, acquired CoinDesk to expand its media and institutional reach.

Bullish posted $80 million in net income for 2024 but recorded a $349 million net loss in Q1 2025, reflecting the volatility of the crypto market. Management projects a recovery with $106–$109 million in net income for Q2 2025. As of March 2025, Bullish held over 24,000 BTC and 12,600 ETH, totaling more than $3 billion in liquid assets.

Bullish has filed to raise up to $629 million in its IPO, offering 20.3 million shares at $28–$31 each, targeting a $4.2 billion valuation. The company plans to list on the NYSE under the ticker "BLSH," with JPMorgan, Jefferies, and Citigroup as underwriters. The IPO has attracted interest from funds managed by BlackRock and ARK Invest, which may collectively invest up to $200 million.

Crypto IPOs: A Bridge Between TradFi and DeFi

The IPO bids from Figure and Bullish are part of a growing narrative: crypto-native firms tapping public markets for legitimacy and scale. Circle’s meteoric post‑IPO rise — stock price jumping over 400% — has further energized this wave.

“Many more IPOs are forthcoming,” predicts David Bailey, head of research at Nakamoto, highlighting investor appetite for crypto infrastructure plays. Firms like OpenSea, Ripple, and notably Kraken — which is targeting a 2026 IPO at a $15 billion valuation — are expected to join the public markets soon.

Adding to the momentum, crypto asset manager Grayscale Investments has confidentially submitted a draft registration statement for an IPO, with Barry Silbert recently returning as chairman to spearhead the company’s transition to public status.

While regulatory uncertainty and traditional fintech competition — such as from SoFi, which reported $2.12 billion in 2023 revenue — remain challenges, the momentum is undeniable. For both Figure and Bullish, going public marks not just an expansion strategy, but a turning point in crypto’s journey toward institutional validation.