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Figure Valued at $7.6 Billion After Strong Nasdaq Debut

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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

  • Offer price: $25 per share

  • Opening trade: $36 per share

  • Capital raised: $787.5 million via 31.5 million shares, upsized from 26 million after strong demand

  • 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.

  • Facilitated $6 billion in home equity lending in the year ended June 30, up 29% year-on-year.

  • Built the Provenance blockchain to originate, verify, and process home-equity loans.

  • 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.

Bitcoin Treasury Firms See Share Prices Plunge as Crypto Rally Fades

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Shares of companies that buy and hold bitcoin and other cryptocurrencies on their balance sheets have slumped sharply, reflecting the cooling of the crypto frenzy that has dominated markets through much of 2025.

These “digital asset treasury companies” — firms that raise cash through stock sales or debt to purchase crypto — had soared earlier this year as bitcoin hit record highs and U.S. President Donald Trump threw political support behind the sector. Now, with sentiment fading, many are facing steep reversals.

Key Declines

  • MicroStrategy (Michael Saylor’s firm): Shares slid from $457 in July to $328, their lowest since April, cutting 2025 gains to just 13%.

  • Metaplanet (Japan): Down 60% from June peak, though still up 105% year-to-date.

  • Smarter Web Company (UK): Shares fell 70% since June after pivoting to a bitcoin-buying strategy.

  • Alt5 Sigma: Down 61% from June high, even after announcing a $1.5B deal with Trump’s World Liberty Financial crypto venture.

  • BitMine (Peter Thiel-backed) and GameSquare: Both plunged about 67% since July after ether-buying announcements.

Analysts’ Take

The pullback highlights the speculative nature of these stocks.

  • “These are essentially volatility plays … if bitcoin is down 3%, they’re down four or five times as much,” said Kaiko’s Adam McCarthy.

  • “Beyond their bitcoin exposure, most have only modest fundamentals, so their valuations don’t have much of a cushion,” added Lale Akoner of eToro.

  • McCarthy warned that some firms are “selling a crypto narrative to pump their equity value” rather than building sustainable businesses.

Bigger Picture

  • At least 61 public companies worldwide (outside the crypto sector) have adopted bitcoin treasury strategies, Reuters reported earlier this year.

  • When share prices tank, some firms’ market value dips below their crypto holdings, raising questions about sustainability.

  • Companies also risk losing access to capital markets to fund further crypto purchases when sentiment turns negative.

What’s Next

While treasury-driven crypto hype is faltering, the broader sector remains active. Gemini, the exchange founded by Cameron and Tyler Winklevoss, is set to debut on Nasdaq Friday, targeting a valuation of up to $3.08 billion after raising its IPO price range.