Mike Cagney, the head of the fintech firm, announced via LinkedIn that Figure, the firm's lending arm, and Figure Markets, a blockchain-powered financial marketplace, will become one entity again.

"I split the company in two last year given the regulatory headwinds around blockchain," Cageny wrote Thursday.

The merging of the two firms is expected to close later this summer, subject to shareholder approval.

Michael Tannenbaum, who was hired to lead Figure in April 2024, will become the CEO of the recombined entity, while Cagney who transitioned to lead Figure Markets will step into the role of executive chairman of the company. 

"With market adoption and Washington signaling growing blockchain support, the timing is right for Figure to lead the way," Cagney said in a separate statement. 

The lending arm of Figure originated more than $2 billion in volume in the second quarter, the firm said. To date, the fintech has facilitated more than $50 billion in blockchain transactions.

The announced reshuffle coincides with renewed speculation that Figure will go public, with some speculating it could be as early as this fall. According to numerous reports, the company will be aiming to raise between $500 million and $1 billion through its IPO.

In March of last year Figure confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed IPO of its equity securities. This form is required for registering companies that want to be listed on a national exchange.

Companies tapped to take FTS public include Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Financial Group Inc., according to a previous Bloomberg report. The firm's valuation has been estimated between $2 billion and $3 billion.

Figure would not immediately confirm Friday whether it has plans to go public in the near future.

Since taking office, President Donald Trump has signaled support for the use and growth of digital assets and blockchain technology.

Earlier this year, the administration issued an order calling for the creation of a working group on digital asset markets. The group is tasked with recommending regulatory and legislative proposals to advance the use of digital assets.

Most recently, the head of the Federal Housing Finance Agency instructed the two government-sponsored enterprises he oversees — Fannie Mae and Freddie Mac — to begin recognizing cryptocurrency holdings without requiring conversion when assessing borrowers' ability to repay. The move could help bring digital currency further into the mainstream.