Blockchain lender Determine Applied sciences has filed for an preliminary public providing on Nasdaq, positioning itself as one of many first blockchain-based monetary companies to achieve U.S. public markets.
The corporate’s S-1 submitting, made public Monday, reveals $191 million in income and $29 million in web revenue for the primary half of 2025. That marks a pointy turnaround from a $13 million loss throughout the identical interval in 2024, underscoring rising demand for its blockchain-enabled lending platform.
Determine intends to commerce beneath the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities appearing as lead underwriters.
Blockchain lending good points Wall Road traction
Based in 2018 by former SoFi CEO Mike Cagney and June Ou, Determine has facilitated greater than $16 billion in residence fairness loans. The corporate’s platform tokenizes mortgage belongings and connects them to institutional capital markets, with partnerships spanning over 160 monetary establishments.
The submitting highlights Determine’s means to generate income at a time when many digital asset companies proceed to depend on development projections. “We consider the effectivity and transparency of blockchain-based lending can redefine capital markets,” the submitting states.
A part of a broader crypto IPO wave
Determine’s transfer follows a wave of crypto-linked IPO exercise in 2025. Circle, issuer of the USDC stablecoin, went public earlier this yr, whereas Gemini has additionally submitted an providing proposal.
By turning worthwhile earlier than its debut, Determine distinguishes itself as a uncommon blockchain unicorn in search of to merge conventional capital markets with decentralized infrastructure.
