Figure Technology (FIGR) begins trading today on the Nasdaq under the ticker symbol “FIGR,” after raising roughly $787.5 million in its U.S. initial public offering (IPO) yesterday. The company’s debut follows on the heels of another stablecoin issuer, Circle Internet’s (CRCL) successful listing, which has boosted momentum for stablecoin and blockchain-focused firms.
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Figure was founded in 2018 by former SoFi Technologies (SOFI) CEO Mike Cagney. The company raised proceeds from its existing investors, becoming the latest cryptocurrency firm to tap the public markets amid growing adoption of digital assets in traditional finance. The lead underwriters for the IPO were Goldman Sachs (GS), Jefferies Financial (JEF), and Bank of America (BAC).
Figure’s Trading Details
Figure, along with its existing backers, sold 31.5 million shares at $25 each, well above the already increased price range of $20 to $22 per share. That pricing gives the company a valuation of $5.29 billion. Demand for the offering was strong, leading Figure to boost the number of shares sold from 26 million to 31.5 million on September 9.
Major private equity firms, including affiliates of DCM, Ribbit, Gemini Investments, and Morgan Creek Capital Management, are among the key backers of the company. Notably, billionaire investor Stanley Druckenmiller’s Duquesne Family Office has shown interest in buying up to $50 million in shares from Figure’s offering at the IPO price.
Post-IPO, founder Cagney will continue to retain 68.6% of Figure’s voting power through his ownership of Class B shares, carrying 10 votes each.
Understanding Figure’s Business Model
Figure Technology leverages blockchain technology to connect lenders and borrowers of home loans on a single platform. According to its IPO paperwork, Figure funds home equity line of credit (HELOC) loans within just 10 days, while traditional banks take an average of 42 days. Moreover, it offers crypto-backed loans and operates a digital asset exchange. To date, Figure has funded more than $16 billion in loans on its blockchain-based system.
Additionally, Figure leverages artificial intelligence (AI) to streamline its operations, including using OpenAI’s models for evaluating loan applications and deploying Alphabet’s (GOOGL) Gemini chatbots on its customer platform.
For the six months ending June 30, 2025, Figure reported net profits of $29.1 million on sales of $190.6 million. This compares favorably to the net loss of $15.6 million on sales of $156 million reported in the prior year period.
What Other IPOs Are on the Way?
To learn more about upcoming IPOs and their details, visit the list of IPO filings on the TipRanks IPO calendar.
