TL;DR
- Figure Technology Solutions filed a confidential draft S-1 under Rule 135 to test investor demand without disclosing share counts or pricing ranges.
- The company’s $16 billion home equity line of credit system uses blockchain tokenization and is supported by Apollo Global, 10T Holdings, and Ribbit Capital before its public launch.
- The protocol’s confidential approach mirrors a wave of crypto IPOs and could enable it to use proceeds to broaden asset tokenization and accelerate blockchain integration in lending.
Figure Technology Solutions, a leading blockchain company known for hybrid lending and tokenizing real-world assets, has secretly submitted draft registration documents to the U.S. SEC for a forthcoming initial public offering. The submission was made under Rule 135 of the Securities Act, allowing the firm to test investor appetite without revealing detailed pricing or share counts. This stealthy move positions Figure among a growing cohort of crypto companies gearing up for public listings.
Confidential S-1 Filing Under Rule 135
Figure submitted a draft registration under Rule 135, which allows issuers to announce an offering without a full prospectus. The update provides a window for confidential feedback from the SEC, but stops short of an official qualification. At this stage, Figure did not disclose the number of shares or the price range. The filing makes clear that any sale will depend on market conditions and a successful SEC review.
Extensive Lending Portfolio and Institutional Backing
Figure has built a $16 billion home equity line of credit platform that leverages blockchain to streamline approvals and settlements. The company has woven tokenization into traditional finance, issuing blockchain loans backed by real-world collateral. Leading investors like Apollo Global Management, 10T Holdings, and Ribbit Capital have supported Figure through multiple funding rounds. Figure also collaborated with banks, including Goldman Sachs, JPMorgan, and Jefferies, to refine its offering ahead of this confidential filing.
Market Momentum for Crypto IPOs
After Circle’s blockbuster debut earlier this year, momentum in the public markets has favored digital asset firms. Exchanges, stablecoin issuers, and blockchain infrastructure companies have explored IPO filings or direct listings. Figure’s stealth submission mirrors strategies used by other crypto names seeking to balance disclosure with market flexibility. Analysts say a successful IPO could signal a broader resurgence in blockchain finance listings.
Strategic Outlook and Potential Impact
Once qualified, Figure may use IPO proceeds to expand its HELOC platform and broaden asset tokenization. The confidential filing preserves optionality. A public debut later this year could reshape lending by bringing blockchain integration to traditional finance models.
