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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.

Blockchain Lender Figure Raises $787.5 Million in U.S. IPO at $5.3 Billion Valuation

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Figure Technology, a blockchain-based lender and stablecoin issuer, raised $787.5 million in its U.S. initial public offering on Wednesday, marking one of the year’s largest debuts from the crypto sector as digital assets gain wider mainstream traction.

The New York-based company and its investors sold 31.5 million shares at $25 each, above the raised price range of $20–$22. The deal valued Figure at $5.29 billion. Originally slated to offer 26 million shares, the firm boosted the size of the sale on Tuesday amid strong demand.

Shares will begin trading Thursday on the Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities acted as lead underwriters.

Figure’s Business

Founded in 2018, Figure uses blockchain technology to connect lenders and borrowers, particularly in the housing market. According to its filings, the company can fund home equity loans in just 10 days, compared to the industry average of 42 days.

The IPO also drew interest from major investors. Billionaire Stanley Druckenmiller’s Duquesne Family Office indicated plans to purchase up to $50 million worth of shares.

Crypto Momentum

The listing comes as the crypto sector surpasses $4 trillion in market value, boosted by regulatory wins under a pro-crypto White House, corporate adoption of digital assets, and strong inflows into crypto-linked ETFs.

Figure joins a wave of companies going public in what is shaping up to be one of the busiest weeks for U.S. IPOs in years. Swedish fintech Klarna jumped 30% in its New York debut earlier the same day, while Gemini, Via, and Black Rock Coffee are expected to price offerings next.

Klarna Valued at Nearly $20 Billion in Strong NYSE Debut

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Klarna made a powerful entrance on the New York Stock Exchange, with shares surging 30% in their debut to $52, well above the IPO price of $40. The rally valued the Swedish buy-now, pay-later (BNPL) fintech at $19.65 billion, capping a long-awaited U.S. listing and signaling renewed momentum in the IPO market.

The company and its investors sold 34.3 million shares, raising $1.17 billion for selling shareholders including Sequoia Capital and Heartland A/S, while the IPO itself valued Klarna at $15.1 billion. CEO Sebastian Siemiatkowski, who owns about 7% of the firm, did not sell shares.

The listing is the largest by a Swedish company since Spotify in 2018 and leads a busy IPO week, with seven firms — including the Winklevoss twins’ crypto exchange Gemini — preparing to go public in New York. Analysts say Klarna’s successful debut could encourage more fintechs to test the market after years of tariff-driven volatility and stalled listings.

Founded in 2005, Klarna helped pioneer BNPL, allowing customers to pay for online purchases in installments. Once valued at $45.6 billion in 2021, Klarna saw its worth slump to $6.7 billion in 2022 amid inflation and higher rates. The IPO signals a rebound as investors reassess BNPL’s role in a consumer market strained by sticky inflation and slowing income growth.

Klarna’s U.S. rival Affirm holds a $29 billion valuation and reported a much higher average order value of $276, compared with Klarna’s $101. While Affirm targets larger purchases with longer financing, Klarna has focused on short-term, smaller-ticket loans.

Chief Financial Officer Niclas Neglén called the IPO “an opportunity for new shareholders, our 111 million consumers and others to really partake in that journey to disrupt the financial services industry.”

The IPO may act as a bellwether for BNPL’s prospects. As analyst Brian Jacobsen put it: “Klarna’s IPO will be a thermometer, showing how hot, or not, investors think BNPL will be.”