The stock of blockchain lender Figure Technology Solutions (FIGR) is up 44% during its first trading day following a successful initial public offering (IPO).
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Figure, which uses blockchain technology to generate home equity lines of credit (HELOCs), is the latest company to benefit from investor demand for new stocks. In Figure’s case, it had set a final IPO price of $25 a share. The stock began trading on the Nasdaq (NDAQ) exchange at $36, a 44% increase from the offering price. Shares cooled slightly to hover around $32 in mid-afternoon trading on Sept. 11.
The company is now valued at $7.6 billion based on the opening price of $36. Figure raised a total of $787.5 million from the share sale. It is the latest crypto-related firm to take advantage of the record run for the U.S. stock market. Crypto exchange Gemini is expected to hold its IPO on Sept. 12.
Soaring Demand
Demand for Figure’s stock soared in the lead-up to the IPO. Investors appear to like Figure’s blockchain-enabled platform that matches buyers and sellers of home-equity loans. Figure also runs a crypto exchange that lets customers trade Bitcoin (BTC), Ethereum (ETH), and other digital assets.
Figure is also profitable, which is rare among companies that recently held IPOs. Figure reported sales of $340.9 million in 2024, up nearly 63% from a year earlier. Revenue grew another 22% in the first half of this year to $190.6 million. Figure also posted a profit of $29.4 million in the first six months of 2025.
Is CRCL Stock a Buy?
As Figure just went public, we’ll look instead at the stock of stablecoin issuer Circle Internet Group (CRCL). As one can see below, the stock has a consensus Hold rating among 16 Wall Street analysts. That rating is based on six Buy, six Hold, and four Sell recommendations issued in the last three months. The average CRCL price target of $175.67 implies 50.82% upside from current levels.
