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Figure Technology seeks $4B valuation in public listing as crypto IPO wave builds

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  Published in Science and Technology on Tuesday, September 2nd 2025 at 14:13 GMT by CoinTelegraph
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Figure Technology Set to Go Public in 2025: What It Means for the Blockchain‑Asset Space

In a bold move that could reshape how physical assets are brought onto the digital economy, Figure Technology, a fintech start‑up that specialises in tokenising real‑world property, is preparing for an initial public offering (IPO) slated for 2025. The company’s strategy, outlined in a recent Cointelegraph feature, signals a clear intent to position itself as a leading infrastructure provider for the emerging “tokenised‑asset” market, and the timing is no accident: regulatory clarity is expected to sharpen over the next few years, and institutional appetite for tokenised securities continues to climb.

Who Is Figure Technology?

Founded in 2021 by former executives from the real‑estate and financial‑services sectors, Figure Technology (ticker: FIG) has carved a niche around building a full‑stack platform that turns physical assets—ranging from luxury real‑estate to fine art—into tradable, fractionalised digital tokens. The platform sits on a private‑blockchain that the company says is “designed for high‑throughput, low‑latency transactions with enterprise‑grade security.” In addition to token issuance, the firm offers a suite of back‑office services such as custody, compliance monitoring, and secondary‑market liquidity.

Figure’s founding vision is to create a “world‑class, compliant, and user‑friendly ecosystem” that lets institutional investors tap into traditionally illiquid markets while preserving the benefits of blockchain technology. The company claims to have already tokenised more than 30 high‑value assets, with a combined book‑value of roughly $2 billion, and a partner network that includes major property firms, asset managers, and a handful of global custodians.

The Road to an IPO

Figure’s leadership says the IPO is not a quick cash‑grab but a deliberate step to unlock capital that will accelerate its product roadmap and geographic expansion. The company has already raised a Series C round of $90 million, led by a consortium of venture funds that specialise in fintech and digital‑asset infrastructure. The new public listing is expected to target a valuation between $3 billion and $4 billion, with proceeds earmarked for three key areas:

1. Platform Development – The firm plans to scale its proprietary blockchain to support 10,000 token‑issuance transactions per day, adding a suite of interoperability tools that will let tokenised assets be traded across multiple exchanges and custodial platforms.
2. Regulatory Compliance – A dedicated compliance team will work with the SEC and its counterparts in the EU and Asia to secure licenses for the sale of security‑token offerings (STOs). This is especially crucial given the growing regulatory scrutiny around tokenised securities.
3. Global Market Penetration – The company intends to extend its service footprint into the UK, Japan, and the Middle East, where the appetite for tokenised real‑estate and infrastructure assets is strongest.

Products and Partnerships

Figure’s flagship offering, called “Asset Tokeniser,” is an end‑to‑end solution that lets asset owners create a legally binding, digitised representation of their holdings. The process involves three main steps:

• Legal & Regulatory Structuring – The platform helps clients navigate the complex legal frameworks that govern asset‑tokenisation, ensuring each token series complies with local securities laws.
• Digital Issuance – Tokens are minted on a permissioned blockchain, with each token representing a fractional stake in the underlying asset. Smart contracts automate dividend distributions, voting rights, and other governance mechanisms.
• Secondary Market Access – Figure partners with a number of regulated exchanges (e.g., Nasdaq, LSEG) and liquidity providers to allow investors to trade tokens in a fully compliant environment.

The article also highlighted a strategic partnership with Coinbase, the world’s largest cryptocurrency exchange. While the exact terms remain confidential, the partnership is described as a “first‑move advantage” that will give Figure early access to Coinbase’s regulatory expertise, infrastructure, and a large pool of retail and institutional users.

Market Opportunity and Competition

Figure sits in a crowded but rapidly evolving market. Competitors include traditional asset‑tokenisation firms like Polymath, Securitize, and tZERO, as well as new entrants that use blockchain to streamline fractional ownership of luxury assets. The Cointelegraph piece cites a report from Deloitte that predicts the tokenised‑asset market could reach $3 trillion by 2030, a figure that underscores the enormous upside for a platform that can deliver a seamless, compliant user experience.

Figure’s differentiator, according to the article, is its “end‑to‑end, enterprise‑grade infrastructure.” Unlike some rivals that focus solely on the issuance side, Figure offers a comprehensive ecosystem that includes custody, legal structuring, and secondary‑market liquidity. The firm also emphasises its “transparent audit trail” and “real‑time reporting” capabilities, which appeal to institutional investors that require stringent oversight.

Regulatory Landscape

One of the biggest questions facing Figure—and the tokenised‑asset sector as a whole—is the regulatory environment. The article notes that in the United States, the SEC has signalled that security tokens will be regulated under existing securities laws, but it remains unclear how much oversight will be required for the underlying blockchain. Figure’s CEO has indicated that the company has already engaged with the SEC and is pursuing a “regulatory sandbox” that will allow it to test its technology under a provisional licence.

In Europe, the forthcoming Markets in Crypto‑Assets (MiCA) directive could provide a clearer framework for tokenised securities, but the final rules are still pending. Figure’s management team believes that a robust compliance framework, built into the platform from day one, will position the company to meet these evolving standards without significant cost‑drifts.

Financials and Projections

The article presents a snapshot of Figure’s financial trajectory. With $90 million in Series C funding, the firm reported a gross transaction volume (GTV) of $1.2 billion in 2024, up 200 % year‑over‑year. It expects to generate recurring revenue from licensing its platform to third‑party issuers, as well as from a transaction‑fee model that will kick in when tokens are bought or sold on secondary markets. The company projects a net profit margin of 30 % by 2027, assuming successful scaling and a robust secondary‑market liquidity engine.

What Investors Should Watch

For anyone considering an investment in Figure during the 2025 IPO, the Cointelegraph article lists several key factors:

1. Regulatory Acceptance – Whether the firm can secure the necessary securities licences will be a deal‑breaker.
2. Liquidity Development – Tokenised assets can be illiquid; Figure’s partnership with established exchanges is a mitigating factor, but real‑world liquidity will ultimately determine investor returns.
3. Technology Adoption – The platform’s scalability, security, and user interface will be critical for attracting institutional clients.
4. Competitive Landscape – While Figure offers a comprehensive suite, rivals may offer cheaper or more specialised solutions that could erode market share.

Conclusion

Figure Technology’s 2025 IPO is a calculated bet that the tokenised‑asset market will mature fast enough to reward early‑stage infrastructure providers. With a strong legal and compliance focus, a diversified product line, and strategic partnerships, the company appears well‑positioned to capture a slice of the projected $3 trillion tokenised‑asset market. However, like any emerging fintech, its success will hinge on navigating a complex regulatory maze, achieving meaningful secondary‑market liquidity, and scaling its proprietary blockchain to meet the demands of institutional investors. As the company steps toward a public listing, market participants will be watching closely to see whether Figure can translate its ambitious roadmap into sustainable, profitable growth.