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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.

Hong Kong’s HashKey to Launch $500M Digital Treasury Fund

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HashKey Group, Hong Kong’s leading licensed crypto exchange and digital asset manager, announced plans to launch a $500 million Digital Asset Treasury (DAT) fund, joining the wave of firms adopting bitcoin-style treasury strategies pioneered by U.S. software firm MicroStrategy (MSTR.O).

MicroStrategy, which began stockpiling bitcoin in 2020, now holds more than $63 billion in crypto, inspiring “copycats” worldwide. Collectively, such treasury adopters have amassed nearly 100,000 bitcoin, according to Standard Chartered.

HashKey said the fund will create a diversified DAT portfolio, initially focused on the Bitcoin and Ethereum ecosystems, with the goal of advancing crypto asset standardization and fostering a sustainable Web3 infrastructure.

“The strategy is not just a U.S. phenomenon — it’s spreading across Hong Kong, Japan, and other equity markets,” Binance founder Changpeng Zhao said at a recent Hong Kong bitcoin conference, noting how DAT adoption is gaining traction in Asia.

Founded in 2018, HashKey Group offers services spanning asset management, brokerage, tokenization, and runs Hong Kong’s largest licensed crypto exchange. By leveraging its global footprint, HashKey said it plans to both initiate and invest in leading DAT projects, accelerating institutional-grade adoption of blockchain technologies.

BBVA Advises Wealthy Clients to Allocate Up to 7% in Bitcoin, Signaling Growing Institutional Embrace of Crypto

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BBVA, one of Spain’s largest banks, is advising its private banking clients to allocate between 3% and 7% of their portfolios to cryptocurrencies, primarily bitcoin and ether, according to Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland.

Speaking at the DigiAssets conference in London, Meyer stated the advisory began in September 2023, reflecting a growing confidence in the sector. While many banks passively allow crypto investments, BBVA stands out by actively recommending such allocations — a rare move among mainstream European financial institutions.

“With private customers, since September last year, we started advising on bitcoin,” Meyer said. “The riskier profile, we allow up to 7% of portfolios in crypto.”

Context and Strategy:

  • BBVA started executing crypto trades for private clients in 2021, but this is the first time it has formally advised allocations.

  • The recommendation currently includes bitcoin and ether, with plans to extend coverage to other digital assets later in 2025.

  • Meyer emphasized that even a 3% allocation can boost portfolio performance without exposing clients to excessive risk.

Market Momentum:

Bitcoin hit record highs in May, continuing its recovery from the crypto market collapse in 2022, which saw major platforms like FTX implode. The rebound has been aided by increased institutional interest and a pro-crypto stance from U.S. political figures, including Donald Trump.

Despite these advances, regulatory bodies remain cautious:

  • The European Securities and Markets Authority (ESMA) noted earlier this year that 95% of EU banks still do not engage in crypto activities.

  • Regulators consistently warn investors of crypto’s volatility, reiterating that one should be prepared to lose their entire investment.

BBVA’s approach reflects a nuanced shift in institutional sentiment, especially for wealthy clients seeking diversification amid evolving digital asset landscapes.