Figure Technology Solutions Inc., a blockchain-focused lending platform, pulled off a major win on Wall Street, raising $787.5 million in its initial public offering.
Key Takeaways:
Figure raised $787.5 million in its IPO, pricing shares above the expected range.
The company has facilitated over $16 billion in blockchain-based loans and turned profitable in 2025.
Strong investor demand led Figure to increase both its IPO size and price ahead of listing.
The raise exceeded expectations by pricing shares above the marketed range, according to a Bloomberg report.
The San Francisco-based company, alongside key backers including Ribbit Capital, sold 31.5 million shares at $25 apiece, valuing the firm at roughly $5.3 billion.
Figure Boosts IPO Size and Price Amid Strong Investor Demand
Originally targeting a lower range, Figure increased both the share count and price just days before the listing, signaling strong investor demand.
Founded in 2018 by Mike Cagney, former CEO of SoFi Technologies, Figure has made a name for itself by deploying blockchain to streamline lending.
The company is now led by Michael Tannenbaum, who took over as CEO in 2024. In a 2021 funding round, the company was valued at $3.2 billion.
The IPO comes during the busiest week of 2025 for US public listings, with digital finance players leading the charge.
Klarna surged 15% after its debut earlier in the week, and Gemini Space Station, the crypto exchange led by the Winklevoss twins, is set to price its IPO Thursday.
Figure’s public debut was led by Goldman Sachs, Jefferies, and Bank of America. The stock will trade on the Nasdaq under the symbol FIGR.
The company’s product lineup spans home equity lines of credit (HELOCs), crypto-backed loans, and a digital asset exchange. To date, Figure says it has originated or facilitated over $16 billion in loans through blockchain rails.
Customer credit scores for HELOCs offered by partners averaged 756 in the first half of 2025, slightly above the 749 score for Figure-branded loans, per company filings.
Notably, Figure is embracing artificial intelligence as part of its underwriting and customer service stack. The firm uses OpenAI’s tools to help assess loan applications and has integrated a Gemini-powered chatbot on its platform.
The company has turned profitable, reporting $29.1 million in net income on $190.6 million in revenue for the first six months of 2025, up from a $15.6 million loss on $156 million revenue a year earlier.
Druckenmiller’s Duquesne Eyes $50M Stake in Figure IPO
High-profile investors in the company include Stanley Druckenmiller’s Duquesne Family Office, which expressed interest in purchasing up to $50 million in shares, as well as affiliates of DCM, Gemini Investments, and Morgan Creek.
Cagney will retain control of the company through Class B shares, which give him 10 votes per share and 68.6% of total voting power post-IPO.
The IPO push comes as the regulatory climate shifts in favor of digital assets. Since President Trump’s return to office in January, the SEC has dropped most cases against crypto firms.
The Trump administration has also advanced its pro-crypto agenda with a series of policy and regulatory moves.
President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.
Trump also nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.
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