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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.

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.

South Korea’s Toss Targets Global Expansion, Eyes Won-Based Stablecoin

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South Korean fintech unicorn Toss is preparing a major international expansion, starting with Australia, while also positioning itself to issue a won-based stablecoin once regulations are in place, CEO and founder Lee Seung-gun said on Tuesday.

Founded in 2015, Toss has grown to more than 30 million users in South Korea, showing that a startup can challenge traditional banks and brokers head-on. Lee, a dentist-turned-entrepreneur, said the company’s success at home can be replicated abroad.

“We proved in Korea that a startup can compete head-on with entrenched players. A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps. We want to bring them into one seamless experience,” Lee told Reuters.

Global push begins in Australia

  • Toss has established an Australian unit and aims to launch core services such as peer-to-peer money transfers by year-end.

  • Australia’s fragmented banking system and open-banking rules make it an attractive entry point.

  • Toss is reviewing other markets, with Singapore serving mainly as a regional hub rather than a retail market.

Stablecoin ambitions

Lee confirmed Toss’s intent to issue a digital won stablecoin, pending regulatory approval. South Korea’s government is drafting legislation this year to allow stablecoin issuance under strict oversight and consumer protections.

“We will issue and distribute won-based stablecoin – that I can say for sure,” Lee said, noting Toss is in regular talks with regulators to build the necessary infrastructure.

IPO plans

Toss is also preparing for a U.S. IPO in Q2 2026, targeting a valuation of $10–15 billion, according to earlier reports. If achieved, it would be the largest U.S. listing by a South Korean firm since 2021. Global funds see Toss as one of the few fintechs delivering on the super app model.

Lee emphasized that Toss’s long-term ambition is to become “a global internet company built on financial services”, not just another financial holding firm.