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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.

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.