Blockchain Lender Figure Raises $787.5B IPO, Valued $7.6B on Nasdaq Debut

Blockchain lender Figure Technologies made a strong debut on the Nasdaq under the ticker FIGR, raising $787.5 million in its initial public offering and achieving a valuation of $5.29 billion, with shares opening 44% higher at $36 and even reaching $44 during the first day of trading. Founded in 2018, Figure has been a pioneer in using blockchain for real-world asset lending, originating over $16 billion in home loans and $17 billion in loans on public chains, and it is considered a market leader in tokenization of private credit with about 75% market share. The company emphasized its founder-led approach and synergy between leadership as key to its innovation and growth, navigating regulatory challenges while becoming GAAP profitable with strong EBITDA margins. Figure's platform enables faster, more efficient loan approvals using blockchain technology, significantly reducing traditional HELOC application times. The IPO reflects growing investor confidence in blockchain applications in finance, coinciding with a broader surge in crypto-related public offerings, including those by Bullish, Circle, and the upcoming Gemini IPO. Underwriters Goldman Sachs and BofA Securities led the offering, which signals a potential mainstreaming of digital asset firms in public markets.