Blockchain firm Figure has raised $787.5 million in a U.S. initial public offering

On Wednesday, the blockchain-focused financial services company Figure raised $787.5 million in a U.S. initial public offering. The IPO valued the New York-based company at $5.29 billion from the sale of its shares.

Figure and some of its investors sold 31.5 million shares at $25 each. The figure was above the firm’s previously increased range of $20 to $22 per share.

Figure connects lenders and buyers of home loans

Thoughts on the Figure (FIGR) IPO:

We see Figure as a rare IPO where the base case is a relatively clear double to $40 within 12 months, with further upside to $60–75 in 18–24 months as adoption and margins expand, all without relying on aggressive multiple expansion. As…

— matthew sigel, recovering CFA (@matthew_sigel) September 9, 2025

On Tuesday, the financial services company also raised the number of shares offered from 26 million to 31.5 million. Figure will start trading on the Nasdaq from Thursday under the ticker symbol ‘FIGR’. 

Underwriters, including Goldman Sachs, BofA Securities, and Jefferies, led the IPO. The IPO has also garnered interest from billionaire investor Stanley Druckenmiller, with his Duquesne Family Office revealing interests in buying up to $50 million worth of shares from Figure’s offering. 

“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.”

-Kevin Cagney, Co-Founder and Executive Chairman of Figure.

According to the IPO filing, Cagney will have majority voting control once the company gets listed. The company’s chair said that the initial public offering is one step in a long process to bring blockchain to all aspects of capital markets.

The report revealed that Cagne’s dual-class share capability will let him remain in control of the company’s strategy. Schuster also believes that the structure empowered the firm’s executive to keep the focus on a long-term track, but also raises questions about shareholder control.

The company uses its blockchain technology to connect lenders and buyers of home loans. According to the IPO report, Figure funds home equity debts in just 10 days, compared to the industry average of 42 days. Since its founding, the firm has originated over $17 billion in home equity loans.

The blockchain-focused firm saw a 22.4% increase in revenue for the first half of 2025 to $191 million. Figure also garnered roughly $29 million in profits in the same period, up from a $13 million loss for the first six months of 2024 ending June. The company said its growth reflected the growing demand for blockchain-based lending and financial services.

The company, founded in 2018 by ex-SoFi CEO Mike Cagney, enters the IPO fray as crypto firms are tapping public markets in the wake of digital assets gaining mainstream adoption. The pro-crypto Trump Administration has also seen a flurry of regulatory approvals, corporate treasury adoption, and inflows from exchange-traded funds, spurring listing from the sector.

Companies show interest in pricing IPOs

🚨 JUST IN: 🇺🇸 Nasdaq injects $50M into @Gemini ahead of its IPO.

Gemini rolls out XRP credit card taps Ripple’s RLUSD for liquidity.$XRP ’s Wall Street moment is here. 🚀 pic.twitter.com/y4ah8UOkqj

— John Squire (@TheCryptoSquire) September 9, 2025

Other companies, including Crypto exchange Gemini, transit tech Via, and coffee chain Black Rock Coffee, have also revealed interest in pricing their IPOs. Buy now, pay later firm Klarna also revealed plans to launch an IPO to trade publicly this week. 

Stablecoin issuer Circle also went public in June with an initial public offering of $1.2 billion. Trading platform eToro and crypto exchange Bullish also entered the IPO fray earlier this year.

Crypto exchange Gemini raised its proposed price range for its IPO on Tuesday to above $3.08 billion. The Winklevoss twins-backed crypto venture also aims to raise $433.3 million by selling 16.67 million shares priced between $24 and $26 each. The figure is up from its proposed range of $17 to $19 per share.

According to a Reuters report, Gemini is lining up Nasdaq to purchase $50 million in shares in a private placement at the time of its public offering. The vice president of IPO research firm, IPOX, said that lower interest rates reduce funding costs and support equity valuations, which drives higher IPO sentiments.

IPOX founder Josef Schuster argued that the current wave of listings could shape how investors value blockchain companies going forward. He believes that the digital asset industry is becoming one of the main pillars of the IPO market. Schuster added that, in addition to IPOs, other companies are also pursuing de-SPAC mergers as a quicker route to access capital markets.

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