The blockchain lending company Figure Technology Solutions has expanded its initial public offering (IPO) size, with the total transaction amount expected to approach $800 million.
According to documents submitted on Tuesday, the company plans to issue 26.6 million shares of Class A common stock, with the price range adjusted to $20 to $22 per share, up from the previous $18 to $20. Selling shareholders will additionally sell 4.85 million shares, bringing the total issuance size to 31.5 million shares.
If the underwriters fully exercise the 4.7 million share overallotment option, the total IPO size (including the main underwriting and secondary offering) could reach $796 million, but only the shares from the main underwriting portion will generate proceeds for the company.
The main underwriting portion involves 26.6 million shares issued by Figure, which could raise up to $585 million. If the overallotment option is fully exercised, the total fundraising could reach $689 million. The proceeds from the secondary offering will go to existing shareholders.
Figure plans to use the raised funds to strengthen its blockchain ecosystem, invest in platform development, expand the digital asset market, and repay some outstanding debt.
The company will accelerate the promotion of its loan origination platform, Figure Connect, and continue to expand the on-chain lien registration and electronic note registration system, Dart.
The company will also enhance the infrastructure of its dollar-based interest-bearing stablecoin, YLDS, which is registered with the U.S. Securities and Exchange Commission. Figure positions it as a compliant and yield-generating alternative to traditional stablecoins.
Figure achieved a net profit of $29 million in the first half of 2025. As of June 30, 2025, the reported total shareholders' equity was $404 million, and the company had accumulated losses of $292 million.
On Tuesday, the cryptocurrency exchange Gemini also raised its IPO price range to $24 to $26 per share, aiming for a valuation of over $3 billion before its listing on Friday. The issuance size remains at 16.67 million shares, but the expected fundraising amount has increased from the previous $317 million to $433 million.
Founded by the Winklevoss twins, Gemini is supported by Nasdaq, and the exchange will subscribe to $50 million worth of shares through a private placement.
Related: The U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “Figure Technology Raises IPO Target, Eyes $689M in Proceeds”
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