Blockchain lender Figure hits $7.6 billion valuation in Nasdaq debut
Figure Technology (NASDAQ: FIGR) surged 44% in its market debut on Thursday, closing its first trading session with a valuation of $7.62 billion. The strong performance adds to a growing list of crypto-linked companies that have delivered standout IPOs, underscoring the digital-assets industry’s steady march toward mainstream acceptance.
The New York-based firm priced its initial public offering at $25 per share, above the already-updated range of $20 to $22, before opening at $44. Figure and its backers raised $787.5 million by selling 31.5 million shares in the upsized offering.
The listing comes during what is expected to be the busiest week for U.S. IPOs since 2021, as record equity markets entice companies to return after tariff-related volatility froze new issues earlier this year.
Positioning Beyond “Crypto Mania”
Unlike firms that leaned heavily on holding digital assets during the recent crypto boom—and have since seen valuations tumble—Figure has built its business around blockchain’s practical applications.
“Blockchain never loses an opportunity to shoot itself in the foot,” co-founder Mike Cagney told Reuters, noting that speculative treasury strategies don’t reflect the technology’s true potential.
Founded in 2018 by Cagney, who previously co-founded SoFi Technologies, Figure has carved a niche in home-equity lending. The company facilitated $6 billion in loans in the 12 months ending June 30, a 29% increase from the prior year.
Provenance Blockchain at the Core
At the center of Figure’s business is its Provenance blockchain, which supports the origination, verification, and processing of home-equity loans. The technology is already used by 10 of the top 20 U.S. mortgage companies, according to Cagney, and has attracted interest from major financial institutions.
“There are 20 or more large banks already using Provenance,” said David Chao, general partner at DCM Ventures, an early investor in Figure.
Broader Market Context
Figure’s blockbuster debut comes just as Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, prepares to go public in New York on Friday. The wave of listings reflects a maturing digital-assets sector that is increasingly being judged on fundamentals rather than speculation.
As investors recalibrate their expectations, Figure’s blend of financial services and blockchain technology appears to have struck the right balance—offering both growth potential and a pathway to mainstream adoption.
