Figure Technologies reached a valuation of $7.62 billion following a strong market debut on Nasdaq, where its shares surged 44% on opening day. The listing marks another successful entry for a crypto-linked firm as the digital asset industry moves closer to mainstream acceptance.
The New York-based company’s stock opened at $36 per share, well above the initial offer price of $25. Through the upsized IPO, Figure and its investors raised $787.5 million by selling 31.5 million shares, priced above the earlier proposed range of $20 to $22.
This debut comes during the busiest week for U.S. IPOs since 2021, as record-high equity markets drive a wave of new listings after months of volatility earlier in the year.
While some crypto-focused firms have struggled with sharp stock declines due to heavy reliance on digital asset holdings, Figure has stood out by leveraging blockchain technology for practical applications in finance.
“Blockchain never loses an opportunity to shoot itself in the foot,” said co-founder Mike Cagney, highlighting that treasury strategies alone don’t capture the broader value of the technology. Cagney, who previously launched SoFi Technologies, co-founded Figure in 2018.
The company facilitated $6 billion in home equity lending in the twelve months ending June 30, reflecting a 29% year-over-year increase. Its Provenance blockchain powers the origination, verification, and processing of home-equity loans, giving the firm a unique position at the intersection of housing finance and digital assets.
According to Cagney, 10 of the top 20 mortgage companies already use Figure’s platform, while more than 20 large banks are also adopting its Provenance network. Early investor David Chao of DCM Ventures confirmed that major financial institutions are actively engaged with the technology.
Meanwhile, other crypto-related companies are eyeing the public markets, with cryptocurrency exchange Gemini preparing for its own listing in New York.
