Figure Technology Solutions, a blockchain-based lending platform, made a significant impact in its Nasdaq debut on Thursday, with shares surging 44% to open at $44 each, well above the initial offering price of $25. This strong performance propelled the company’s valuation to approximately $7.6 billion, highlighting growing investor confidence in blockchain-enabled financial services.
The New York-based company and its investors raised $787.5 million through the sale of 31.5 million shares, surpassing the previously increased price range of $20 to $22 per share. The IPO was led by prominent underwriters, including Goldman Sachs, Jefferies, and BofA Securities, and was oversubscribed, reflecting strong demand for shares in the fintech sector.
Founded in 2018 by Michael Cagney, former CEO of SoFi Technologies, and June Ou, Figure specializes in using blockchain technology to streamline home equity lending. The company’s platform, Figure Connect, enables the origination, marketplace distribution, and capital markets execution of home equity lines of credit (HELOCs) in a fraction of the time compared to traditional methods.
In the first half of 2025, Figure reported a revenue of $190.6 million and a net income of $29.4 million, a significant improvement from a net loss of $13 million in the same period the previous year. The company’s full-year 2024 revenue reached $341 million with a profit of $17.2 million, underscoring its transition to profitability.
The IPO comes amid a resurgence in the cryptocurrency market, which has surpassed a $4 trillion valuation, driven by regulatory support, corporate adoption, and inflows from exchange-traded funds (ETFs). This environment has fostered renewed investor interest in digital asset companies, as evidenced by the successful public offerings of firms like Klarna and Circle Internet Group.
Figure’s successful debut marks a significant milestone in the integration of blockchain technology into traditional financial services. The company’s innovative approach to home equity lending and its strong financial performance position it as a leader in the emerging field of blockchain-based finance.
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