Determine, the blockchain-powered lender based by SoFi co-founder Mike Cagney, has filed with the Securities and Change Fee for an preliminary public providing as the newest entrant in a rising crypto IPO wave.
The corporate plans to listing its Class A shares on the Nasdaq beneath the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters.
Determine’s path to public markets has been years within the making. In 2021, it launched a particular objective acquisition firm, Determine Acquisition Corp. I, with a $250 million increase geared toward buying growth-stage companies utilizing Provenance as an effectivity layer, nonetheless in the long run this SPAC didn’t deliver Determine to market.
A friendlier regulatory stance beneath the Trump administration and buoyant crypto and inventory markets have set the stage for a surge of digital asset companies tapping the fairness markets, together with crypto change Bullish which is the proprietor of CoinDesk.
The corporate final month merged with Determine Markets, a blockchain market additionally launched by Cagney that points YDLS, a yield-bearing stablecoin structured as a tokenized cash market fund.
Financials disclosed within the S-1 present income up 22.4% within the first half of 2025 to $190.6 million, with web earnings of $29 million in contrast with a $13 million loss a 12 months earlier.
In response to the submitting with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends deliberate.
