Determine Expertise has filed for an preliminary public providing on Nasdaq, reporting $191 million in income for the primary half of 2025 and a web earnings of $29 million.
The submitting, made public on August 18, marks one of many first circumstances of a blockchain-based lender reaching the U.S. public markets. Per Reuters, the corporate plans to commerce beneath the ticker FIGR with Goldman Sachs, Jefferies, and BofA Securities main the underwriting.
The corporate’s S-1 reveals a monetary turnaround from a $13 million loss within the first half of 2024. It has shifted into profitability resulting from demand for its blockchain-enabled lending platform.
As Reuters reported, Determine has facilitated greater than $16 billion in house fairness loans and continues to increase partnerships with over 160 monetary establishments. Based in 2018 by former SoFi CEO Mike Cagney and June Ou, the agency has constructed its core platform round tokenizing mortgage belongings and connecting them to capital markets.
The transfer comes amid renewed exercise for crypto-linked IPOs. Stablecoin issuer Circle efficiently listed earlier within the yr, whereas Gemini has filed for its personal providing.
Determine’s submitting aligns with a broader push by digital asset companies to entry public fairness markets, with Determine distinguished by producing earnings relatively than relying solely on development projections.
The general public float will check investor demand for blockchain infrastructure that applies tokenization to real-world belongings relatively than speculative tokens.
As detailed within the firm’s registration assertion, Determine positions itself as a capital market the place origination, funding, and secondary buying and selling happen natively on blockchain rails.
This design permits mortgage swimming pools to be created, fractionalized, and transacted with effectivity, providing a sensible demonstration of tokenized credit score in mainstream finance.
As Reuters famous, the strategy offers liquidity in historically illiquid credit score markets, a use case lengthy mentioned in digital asset circles however not often executed at scale.
The IPO comes throughout a restoration in U.S. listings extra broadly. PwC information exhibits that the primary half of 2025 noticed an uptick in U.S. IPOs following two years of subdued issuance, suggesting a extra favorable market atmosphere for fairness fundraising.
Determine’s choice to launch a roadshow within the post-Labor Day window displays expectations that investor urge for food will carry by way of into the autumn issuance cycle. The corporate’s profitability and income development differentiate it from many friends, offering a check of whether or not blockchain-driven lenders can command premium valuations within the public area.
Management of the corporate is anticipated to stay concentrated, as Cagney will retain majority voting rights by way of a dual-class share construction. That governance framework mirrors many different know-how listings and should draw scrutiny as buyers weigh the tradeoff between management stability and shareholder affect.
Regulatory components additionally stay in focus, since tokenizing mortgage swimming pools intersects with long-standing securitization oversight, including a layer of compliance complexity even because the platform demonstrates real-world adoption.
Determine’s debut will add momentum to the stream of digital asset companies turning to public markets. The providing follows months of confidential filings and comes as conventional and crypto-native capital formation proceed to converge.
The Nasdaq itemizing of a lender structured on blockchain rails locations tokenized credit score in entrance of fairness buyers for the primary time at scale, setting the stage for the way on-chain lending could also be valued in opposition to each fintech and crypto friends.
