Blockchain lender Figure Technology has secured $787.5 million through its US initial public offering, underscoring renewed momentum in equity markets and growing institutional interest in digital assets.
The listing highlights how blockchain-based financial companies are moving into mainstream markets amid favorable regulation and strong investor demand. Figure begins trading on Nasdaq under the ticker “FIGR”.
Strong Demand Lifts Valuation
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Figure and several existing investors sold 31.5 million shares at $25 each, exceeding its revised price range of $20 to $22. The deal values the company at $5.29 billion. Increased demand led to a boost in the number of shares offered, which rose from 26 million to 31.5 million the day before the sale.
The offering comes as the total cryptocurrency market surpasses $4 trillion. The current US administration created favorable regulations, corporations adopted digital assets in their treasuries, and exchange-traded funds brought inflows, strengthening sector confidence.
Founded in 2018, New York-based Figure uses blockchain technology to connect lenders and home loan borrowers. According to its IPO filings, the company provides home equity loans in 10 days. The industry average is 42 days.
Goldman Sachs, Jefferies, and BofA Securities were joint bookrunners for the IPO. Prominent investor Stanley Druckenmiller’s Duquesne Family Office indicated interest in purchasing up to $50 million shares, further boosting confidence in the transaction.
Broader IPO Market Gains Momentum
Figure’s debut coincides with strong performances from other high-profile listings. Swedish fintech firm Klarna saw its shares climb 30% in its long-awaited US listing earlier, signaling a stronger-than-expected recovery in the IPO market this fall.
Other notable offerings are scheduled this week, including crypto exchange Gemini, transit platform Via, and coffee chain Black Rock Coffee. Market optimism is supported by record-high equity valuations and growing expectations of a potential interest rate cut before year-end.
