TLDR
- Figure Technology raised $787.5 million in IPO, pricing shares at $25 each above expected range
- Stock jumped 40% to around $35 on first day of Nasdaq trading under ticker FIGR
- Company valued at $5.29 billion after successful public offering
- Executive chairman Mike Cagney says Figure aims to be part of “Web3 Mag 7” companies
- Figure uses blockchain to fund home equity loans in 10 days vs industry average of 42 days
Figure Technology made quite the entrance on Wall Street. The blockchain lender’s shares soared 40% on their first day of trading Thursday, closing around $35 after opening at $36.
The New York-based stablecoin issuer had priced its IPO at $25 per share Wednesday night. This was well above the company’s revised range of $20 to $22, and even higher than the original $18 to $20 range announced in August.
Figure and existing investors sold 31.5 million shares in the offering. The company had bumped up the share count from 26 million just Tuesday, showing strong investor appetite.
The IPO raised $787.5 million total. This values Figure at about $5.29 billion based on the offering price.
Goldman Sachs, Jefferies and BofA Securities led the underwriting. Figure now trades on Nasdaq under the ticker symbol FIGR.
Retail investors showed early enthusiasm for the stock. FIGR attracted over 700 followers on Stocktwits before trading began.
Sentiment climbed from “bullish” to “extremely bullish” among retail traders. Chatter levels also spiked to “extremely high” in the 24 hours before the debut.
Big Ambitions for Web3
Executive Chairman Mike Cagney laid out big plans in a CNBC interview Thursday morning. He said Figure wants to be part of what he calls the “Web3 Mag 7.”
“Just like there’s a mag seven of web 2.0, you’re going to have something like that for web 3.0,” Cagney told CNBC. “The technology is so big, it’s so pervasive, and it’s really going to change the world.”
Cagney pointed to strong financial numbers to back up his confidence. Figure generated $340 million in revenue last year with over $1 million in EBITDA.
The company’s EBITDA growth hit 66% on an annualized basis for the first two quarters of 2025. “It’s a unique intersection of a relatively young company, a very profitable company, in a very fast growing company,” Cagney said.
Faster Lending Through Blockchain
Figure has built its business around using blockchain technology to speed up lending. The company was founded in 2018 with a focus on home equity loans.
According to its IPO filing, Figure can fund these loans in just 10 days. This compares to an industry average of 42 days for traditional lenders.
The faster processing time comes from Figure’s blockchain-based system. This allows the company to streamline many of the manual steps that slow down conventional lending.
Figure’s IPO comes during a busy time for crypto-related public offerings. The broader cryptocurrency market recently crossed $4 trillion in total value.
Crypto exchange Gemini is also preparing for its own Nasdaq debut. Gemini priced its IPO Thursday and plans to begin trading Friday.
The wave of crypto IPOs reflects growing mainstream acceptance of digital assets. Corporate treasury adoption and exchange-traded fund inflows have helped drive this trend.
Figure’s strong debut suggests investor appetite remains strong for profitable crypto companies. The 40% first-day pop shows the market’s enthusiasm for Figure’s blockchain lending approach.
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