Figure IPO Raises $787.5M, Hits $5.3B Valuation Ahead of Nasdaq Debut

Highlights:

• The Figure IPO was priced at $25 a share, which brought in a total of $787.5 million from investors.
• After the offering, Figure had a market valuation of $5.3 billion, reflecting a strong investor demand.
• The trading of Figure shares will begin on Nasdaq under the ticker symbol “FIGR” beginning Thursday.

Figure Technology Solutions priced its long-awaited initial public offering at $25 a share, exceeding earlier guidance of $20 to $22. The upsized deal raised $787.5 million, giving the blockchain-focused lender a valuation of about $5.3 billion.

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The firm pricing and increased number of shares indicated greater investor interest. As per the press release, the company is geared up for its Thursday debut on the Nasdaq under the ticker symbol “FIGR.” The offering was increased by the firm to 31.5 million shares from the original 26 million that was planned. Figure sold about 23.5 million shares itself, while existing shareholders put another 8 million shares on the market.

The underwriters also got a 30-day option to pick up an extra 4.7 million shares. The company expects to wrap up the offering on September 12, subject to customary conditions. Leading banks included Goldman Sachs, Jefferies, and Bank of America, joined by Societe Generale, Mizuho, Piper Sandler, and others.

🇺🇸U.S. Stablecoin issuer Figure raised $787.5m at $25/share in its Nasdaq IPO on Wednesday, valuing the company at $5.3B.
After Gemini, Figure is the 2nd blockchain company this week raising its IPO target due to high demand.
Trading will start today under $FIGR.
Are you buying? pic.twitter.com/eZ3sJ4wXNS

— Fission (@FissionXYZ) September 11, 2025

Strong Demand Powers the Figure IPO Upsizing

The demand for the Figure IPO was strong, resulting in a higher price and an increase in the total offering. The Duquesne Family Office, a billionaire investment firm headed by Stanley Druckenmiller, expressed interest in owning as many as 50 million shares of stock. This demand wave signified investor interest in blockchain-based finance, as interest in digital asset adoption is steadily increasing.

Founded in 2018 by SoFi co-founder Mike Cagney, Figure has established itself as a leader in blockchain-based lending. The company connects home equity loan borrowers and lenders and finalizes transactions in 10 days, compared to the industry average of 42. Since its inception, it has originated over $17 billion in home equity loans. This has made it one of the biggest non-bank players in the space.

Financial results have also strengthened interest from investors. The company’s reported revenue for the first half of 2025 was $191 million, up 22.4% from the same period last year. More importantly, the company became profitable with $29 million in earnings, turning an $13 million loss in the first half of 2024. The executives attributed the improvement to soaring demand for blockchain-powered lending services and operational efficiencies.

Crypto IPO Wave Builds Momentum Around Figure Listing

The week of Figure’s market debut has been one of the busiest stretches for US listings in 2025. Several fintech and crypto firms are simultaneously entering public markets, leading to a high level of momentum in the sector. Klarna already made headlines earlier in the week, with a 30% surge on its first trading day, and other companies like Gemini, Via, and BlackRock Coffee are queuing up to price their own offerings.

*KLARNA $KLAR SHARES SURGE 30% IN NYSE DEBUT, KICKING OFF BUSY IPO WEEK ON WALL STREET pic.twitter.com/vqpXjLavV1

— Investing.com (@Investingcom) September 11, 2025

Figure joins an ever-growing list of crypto-related companies that have sought public markets in earlier stages, such as Circle and Bullish. Several others, including Grayscale, BitG,o and Kraken, are gearing up their own listings. Supportive regulatory development, corporate treasury adoption, and inflows to crypto-oriented ETFs have created favorable conditions for these offerings.

Mike Cagney, who will hold majority voting power with dual-class shares, said the IPO was an important step toward using blockchain across capital markets.

He said:

“Blockchains can do more than disrupt existing markets. By taking historically illiquid assets, such as loans and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such.”

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