Cryptocurrency lending and investing platform Figure Technology Solutions Inc. has filed paperwork associated with its U.S. initial public offering, becoming the latest in a growing list of crypto-focused companies looking to list publicly.

The company revealed in a filing today with the Securities and Exchange Commission that its revenue jumped more than 22%, to $191 million, in the six months ended June 30, reporting a net profit of $29 million, up from a loss of $13 million in the same period one year earlier.

Crypto firms are increasingly weighing up the benefits of listing on the stock exchange in the wake of a series of crypto-friendly policies under President Donald Trump’s administration and the stunning debut of Circle Internet Group on June 5. Circle, the issuer of the world’s second-largest stablecoin, USD Coin, upsized its IPO to more than $1.05 billion ahead of its New York Stock Exchange debut and promptly exploded, with its share price gaining 168% following its first day of trading.

Figure joins a growing list of crypto players who are preparing to tap into the public markets. Last week, the Winklevoss twins-backed crypto exchange Gemini Trust Co. LLC filed for its own New York listing, just days after the stunning debut of Bullish US LLC, which raised $1.1 billion in its oversubscribed IPO.

The flurry of crypto-related listings underscores the increasing convergence of traditional and digital finance, as well as the desire among institutional investors to gain exposure to digital assets that were previously considered to be too risky and carry too much uncertainty from a regulatory perspective.

“Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO, but also through deSPAC transactions,” IPOX Schuster LLC CEO Josef Schuster told Reuters.

Figure, which was co-founded by its Executive Chairman Mike Cagney (pictured), launched in 2018 as a blockchain-native platform for decentralized lending, borrowing, trading and investing. It offers a platform for buying and selling real-world assets, which are tokenized versions of traditional assets, such as shares, bonds and loans that can be traded on the blockchain. It’s the creator of the Provenance Blockchain, which is a decentralized and public ledger designed to address problems around data control.

In its SEC paperwork, Figure claims to have cemented more than 160 partnerships and originated over $16 billion in loans to date.

Cagney said in a statement that blockchain will do more than just disrupt existing financial markets. “By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such,” he said. “The IPO is one step in a long process to bring blockchain to all aspects of capital markets.”

Figure, which last raised $200 million in funding at a $3.2 billion valuation in 2021, will sell some of its own shares, and existing shareholders will also seek an exit. Cagney, who previously co-founded the financial technology company SoFi Technologies Inc., will continue to control a majority of the company’s voting power after the offering.

The listing is being underwritten by Goldman Sachs, Jeffries and Bank of America Securities, and will see Figure trade on the Nasdaq Exchange under the ticker symbol “FIGR” following its market debut.

Photo: Fortune/Flickr