Mike Cagney's Figure Technology Files for IPO

Figure’s IPO marks one of the most consequential steps yet in the mainstreaming of blockchain infrastructure within traditional finance. By raising $787.5 million at a valuation north of $5 billion, the company has proven that blockchain isn’t just a speculative layer—it’s becoming the next generation of financial plumbing. Figure’s core innovation lies in using blockchain to streamline the origination and securitization of consumer credit, compressing weeks of settlement and verification into days. It’s not a “crypto company” in the old sense—it’s a financial technology firm rebuilding the rails of lending and capital markets from the ground up.

As a 50T Fund portfolio company, Figure exemplifies the thesis we’ve built our strategy around: real-world, regulated applications of blockchain that improve efficiency, transparency, and velocity in capital flows. What separates Figure from much of the fintech noise is execution—volume, adoption, and institutional buy-in. Its Provenance blockchain isn’t a concept, it’s an operating system for the credit markets, already being used by banks, originators, and investors to move real assets. The IPO accelerates this transition from innovation to infrastructure, turning what was once a proof-of-concept into a publicly accountable, revenue-generating platform.

For 50T, Figure’s listing represents more than just a financial outcome—it’s a signal of direction. It affirms that the next great fintechs won’t be built on user interfaces, but on balance sheets and blockchains that actually move capital faster and safer. We see Figure’s trajectory as emblematic of the shift ahead: from speculative Web3 to practical, regulated, institutional-grade financial technology—the kind of transformation that creates enduring value for both markets and society.