Figure Technology (FIGR.O) surged 44% in its Nasdaq debut on Thursday, closing with a market valuation of $7.62 billion, signaling strong investor appetite for crypto-linked firms with tangible business models.
IPO Details
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Offer price: $25 per share
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Opening trade: $36 per share
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Capital raised: $787.5 million via 31.5 million shares, upsized from 26 million after strong demand
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IPO priced above the raised range of $20–$22 per share
This marks one of the most successful debuts in a busy IPO week, the strongest since 2021, as buoyant equity markets reignite investor interest following April’s tariff-driven volatility.
Figure’s Business Model
Founded in 2018 by Mike Cagney (previously co-founder of SoFi), Figure focuses on blockchain-powered housing finance rather than speculative crypto holdings.
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Facilitated $6 billion in home equity lending in the year ended June 30, up 29% year-on-year.
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Built the Provenance blockchain to originate, verify, and process home-equity loans.
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10 of the top 20 mortgage companies and 20+ large banks now use its technology.
Cagney criticized crypto-treasury strategies, telling Reuters: “Blockchain never loses an opportunity to shoot itself in the foot. Treasury strategies do not represent the full potential of the technology.”
Market Context
Unlike firms that boosted valuations by hoarding bitcoin or ether — and have since seen share prices slump — Figure emphasizes blockchain infrastructure with revenue growth and industry adoption.
Meanwhile, crypto exchange Gemini, backed by the Winklevoss twins, is preparing for its own New York IPO on Friday, adding momentum to the sector’s march into mainstream markets.