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Figure Technologies Upsizes IPO to $693 Million as Crypto Stocks Surge

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Figure Technologies, a blockchain-native lender and stablecoin issuer, has expanded its planned U.S. initial public offering, raising its price range and increasing share count amid surging investor demand for crypto-related stocks.

IPO Details

  • New range: $20–$22 per share (up from $18–$20).

  • Shares offered: 31.5 million (up from ~26 million).

  • Potential raise: ~$693 million at the top end.

  • Valuation: ~$4.66 billion at the top end.

  • Listing: Nasdaq, ticker FIGR, debuting Thursday.

The initial plan would have raised up to $526 million at a valuation of $4.1 billion.

Market backdrop

  • Crypto IPO activity has heated up under the Trump administration’s pro-crypto stance, following successful debuts of Bullish and Circle.

  • Retail investors have bid up digital-asset stocks, boosting confidence for Figure’s listing.

Company background

  • Founded: 2018 by fintech entrepreneur Mike Cagney.

  • Business: Runs a blockchain-native platform for lending, trading, and consumer credit investment.

  • Efficiency claim: Funds home equity loans in ~10 days vs. industry average of 42.

  • Financials: Swung to a $29M profit in H1 2025, reversing a $13M loss a year earlier.

Investor interest

  • Lead underwriters: Goldman Sachs, Jefferies, BofA Securities.

  • Notable backer: Billionaire Stanley Druckenmiller’s Duquesne Family Office signaled interest in buying up to $50M in shares.

Outlook

The upsized IPO positions Figure as one of the most prominent crypto-fintech listings this year. If demand holds, it could serve as a barometer for mainstream appetite in blockchain-native financial companies amid a broader wave of digital asset adoption.

Nasdaq Moves to Enable Tokenized Securities Trading in Landmark Push

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Nasdaq (NDAQ.O) has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow trading of tokenized securities on its main exchange, marking what could be the first time blockchain-based settlement enters the U.S. national market system.

The exchange operator said the rule change would permit listed stocks and exchange-traded products to trade in either traditional digital form or tokenized form, provided tokenized securities retain the same rights and privileges as their conventional counterparts. If approved, Nasdaq expects the first token-settled trades by late 2026, contingent on the Depository Trust Company’s infrastructure being ready.

Investor interest in tokenization—turning assets like stocks, bonds, or real estate into blockchain-based tokens—is surging. Proponents argue it could improve liquidity, settlement speed, and efficiency. Tal Cohen, Nasdaq’s president, called tokenization an “extraordinary opportunity” to automate processes and accelerate trade settlements.

Nasdaq stressed that safeguards from the national market system must remain intact, countering concerns raised by the World Federation of Exchanges and the World Economic Forum, which have warned of liquidity gaps and systemic risks. SEC Commissioner Hester Peirce has also noted that tokenized securities cannot circumvent existing laws.

The proposal comes as the SEC, under new chair Paul Atkins, signals a more crypto-friendly regulatory environment. The move would align Nasdaq with a global push, where some platforms already trade tokenized U.S. equities in Europe—though often without granting actual shareholder rights. Nasdaq said its framework would ensure full investor protections.

If successful, this would mark a major milestone in merging blockchain with traditional finance, offering Wall Street investors regulated access to tokenized securities for the first time.

Trump Crypto Ally Justin Sun Says His World Liberty Tokens Were Frozen

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Justin Sun, the China-born crypto entrepreneur and major backer of Donald Trump’s World Liberty Financial ($WLFI), said Friday that his tokens tied to the project were “unreasonably frozen.” Sun has invested at least $75 million in WLFI, making him the second-largest known investor after the Trump family, whose stake has already generated hundreds of millions in profits.

Sun did not disclose how many tokens were blocked or who initiated the freeze. Blockchain data from analytics firm Nansen shows that a World Liberty “guardian address” blacklisted a wallet controlled by Sun on Thursday, locking around 545 million WLFI tokens. He had earlier moved 50 million tokens out of that wallet.

World Liberty responded vaguely, saying it does not “seek to blacklist anyone” but will act against “malicious or high-risk activity.” Sun’s firm Tron confirmed that he and the WLFI team were in “active communication.” Despite the dispute, Sun said he planned to buy another $20 million worth of WLFI-related assets, including $10 million in new tokens.

The controversy highlights the tangled business ties between Trump’s political family and crypto ventures. Sun has regularly appeared alongside Eric Trump at crypto conferences, while promoting World Liberty’s projects through his platforms. The Trump family’s involvement in WLFI—at a time when the president is publicly backing crypto—has fueled concerns about conflicts of interest, particularly as some business partners, including Sun, face regulatory scrutiny.

The U.S. SEC still has a civil fraud case pending against Sun, though reports suggest the Trump administration is exploring a settlement. Meanwhile, WLFI’s token value has dropped sharply, sliding from above 30 cents at launch to around 18 cents on Friday.