Figure Technology Surges 24% in Nasdaq Debut After $788 Million IPO

Figure Technology, a San Francisco-based blockchain lending platform founded by former SoFi co-founder Mike Cagney, made a strong debut on the Nasdaq on September 12, with shares closing 24% above their initial public offering price. The company raised $787.5 million by pricing 31.5 million shares at $25 each, after upsizing the offering from an initially planned 26 million shares due to strong investor demand. 

The stock opened at $36 per share, representing a 44% premium to the offering price, before settling at around $31 by the close of trading. This performance gave Figure a market valuation of approximately $6.6 billion on its first day, significantly higher than the $5.29 billion valuation established at the IPO pricing.

Figure operates as a blockchain platform that supports lending, trading, and investing in consumer financial products, with a primary focus on home equity lending. The company facilitated approximately $6 billion in home equity lending for the 12 months ended June 30, 2025, representing a 29% increase from the previous year. Figure leverages blockchain technology to reduce costs, improve transaction speed, and expand product offerings for both consumers and institutional clients.

The IPO comes amid renewed investor interest in crypto-related companies, with Figure positioning itself as a bridge between traditional finance and blockchain technology. The company also issues stablecoins and operates trading platforms, diversifying its revenue streams beyond traditional lending.

Mike Cagney, who previously co-founded online lender SoFi, established Figure in 2018 with the vision of transforming financial services through blockchain technology. The company had previously raised funding in private markets, including a 2021 funding round that valued the business at $3.2 billion.

The successful debut reflects broader market appetite for fintech companies that combine traditional financial services with blockchain innovation. Figure's IPO represents one of the largest public offerings by a blockchain-fo cused financial services company in recent years, signaling potential for similar companies to access public markets. 

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