Up over 24% on debut, "first RWA stock" Figure successfully lists on Nasdaq
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Up over 24% on debut, "first RWA stock" Figure successfully lists on Nasdaq
As a blockchain-based lending institution, Figure's上市marks a further deepening of the integration between traditional finance and the crypto economy.
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On September 11, blockchain lending platform Figure (FIGR.US) successfully listed on Nasdaq, marking another cryptocurrency industry company to go public following Circle, the first stablecoin IPO, and Bullish, the first regulated exchange IPO. Goldman Sachs Group, Jefferies Financial Group, and Bank of America served as lead underwriters for this IPO.
Due to strong market demand, Figure's initial public offering (IPO) was priced at $25, above the revised price range of $20 to $22. Previously, Figure had adjusted its offering size to issue 31.5 million shares at $20 to $22 per share, up from an initial target of 26.3 million shares at $18 to $20 per share.
Reports indicate that by 4 p.m. Eastern Time on Tuesday, the IPO had received several times oversubscription. New investor Duquesne Family Office plans to purchase $50 million worth of shares in this offering, accounting for 8% of total funds raised.
On its first trading day, Figure closed up 24.44% at $31.11, with a market capitalization of $6.585 billion.
Notably, the cryptocurrency sector has seen active IPO performance recently. Earlier, cryptocurrency exchange Bullish (BLSH.US) and stablecoin issuer Circle Internet Group (CRCL.US) successfully completed their listings.
Figure’s decision to go public now benefits from improved regulatory conditions and reflects ongoing investor interest in fintech companies related to cryptocurrency.
Founded in 2018 by Mike Cagney, who previously co-founded SoFi Technologies Inc. and stepped down as CEO in 2018, the company develops blockchain technology to facilitate lending and appointed Michael Tannenbaum as CEO in 2024.
Documents show the company initially offered home equity line of credit (HELOC) products, later expanding into crypto-asset-backed loans and digital asset exchanges. Its blockchain-based loan origination volume has exceeded $16 billion.
According to official website information, Figure applies OpenAI Inc.'s technology in artificial intelligence for loan application assessments and uses a chatbot powered by Google Gemini from Alphabet Inc.
The company's investors include Apollo Global Management, 10T Holdings LLC, and Ribbit Capital. Documents indicate that after the IPO, Cagney is expected to retain majority voting control over Figure.
Figure has built a vertically integrated blockchain solution system providing technological support for various market operations across consumer credit and digital assets, including lending, trading, and investment activities. The core foundation of its differentiated infrastructure lies in the home equity line of credit (HELOC) market.
The company both directly issues loans to borrowers and implements a "co-branded strategy"—mortgage lenders, loan servicers, banks, wholesale brokers, and credit unions can use Figure’s technology platform to originate and distribute their own loans.
In 2024, Figure facilitated $5 billion in HELOC transactions, a 51% year-over-year increase, claiming the largest market share among non-bank HELOC lenders that year.
The prospectus shows that Figure generated revenues of $210 million and $341 million in 2023 and 2024 respectively, with operating profits of -$49.44 million and $9.24 million, and net profits of -$52.44 million and $19.92 million respectively.
In the first half of 2025, Figure recorded revenue of $191 million, a 22.4% increase from $156 million in the same period last year; primary income came from loan sales, generating $68.34 million in lending revenue in the first half of 2025 versus $58.64 million in the prior-year period.
Revenue from ecosystem and technology fees in the first half of 2025 reached $43.75 million, compared to $12.51 million in the same period last year; interest income was $32.64 million versus $19.70 million in the prior-year period. Net profit in the first half of 2025 was $29.38 million, compared to a net loss of $13.40 million in the same period last year; adjusted EBITDA was $83.44 million versus $36.54 million in the prior-year period.
As a blockchain-based lending institution, Figure's listing signifies a deeper integration between traditional finance and the crypto economy. Its business model combines the efficiency of blockchain technology with the compliance of traditional credit services. Against the backdrop of the Trump administration's push for financial innovation policies, such companies' market performance warrants continued attention.
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