With Figure and Bullish, two major players from the crypto-finance sector are preparing for an initial public offering (IPO) in the US. According to consistent media reports, both companies have submitted confidential filings to the US Securities and Exchange Commission (SEC).
Figure, known for blockchain-based lending, and the Peter Thiel-backed crypto exchange Bullish are aiming to go public in the US. Both companies are reportedly valued in the single-digit billion-dollar range. The planned IPOs could mark a turning point for institutional crypto-financial products.
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Blockchain meets mortgage market
Figure Technologies is best known for its platform for blockchain-based loans and mortgages. The company leverages the Provenance blockchain to accelerate, automate, and make credit processes more cost-efficient. In addition to mortgages, Figure also offers asset management tools and a marketplace for tokenized securities.
With the confidential SEC filing, the company is planning according to Bloomberg a traditional IPO. Analysts estimate a potential valuation of several billion US dollars. The Provenance blockchain itself, which powers Figure's services, has seen significant expansion in recent years, particularly in the area of real-world assets (RWA) and regulated tokenization – a trend likely to accelerate further with the IPO.
Crypto exchange with a traditional focus
The second IPO candidate is Bullish, a crypto exchange backed by Peter Thiel that focuses on institutional clients. Originally announced in 2021, the initial SPAC plan was put on hold due to regulatory delays. Now, according to Reuters, Bullish is aiming for a direct listing or traditional IPO with a valuation of up to USD 4.2 billion.
Bullish combines traditional exchange infrastructure with blockchain technology and is strategically positioning itself within the regulated trading segment. Through close partnerships with institutional market makers and regulatory approval in Bermuda, Bullish has secured a solid niche in a competitive market.
The simultaneous IPO preparations of two crypto-financial companies with a strong institutional focus mark a turning point for the industry. While earlier IPOs, such as Coinbase's, targeted retail markets, Figure and Bullish are clearly aiming at professional market participants and regulated structures. The growing interest of institutional investors in tokenized assets, real-world assets, and regulated trading venues is gaining new momentum as a result.
