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

Figure Technology Solutions made a strong public debut Thursday, with shares closing 24.44% above their $25 IPO price after raising $787.5 million in one of the year's most closely watched fintech offerings.

The blockchain-based lending platform opened at $36 per share on the Nasdaq, representing a 44% premium to its offering price, before settling at $31.11 at the close. The performance gave Figure a market capitalization of approximately $6.6 billion and demonstrated continued investor appetite for companies leveraging blockchain technology in financial services.

Figure, founded in 2018 by Mike Cagney and June Ou, has built its business around the premise that blockchain can fundamentally improve capital markets by reducing intermediation and processing times. The company has processed over $50 billion in blockchain transactions and funded more than $17 billion in loans through its platform.

"This isn’t the finish line. It’s a step toward building a company that can help define the future of finance," Cagney said in a statement.

The IPO represents Figure's bid to become what Cagney described as part of Web3's "Magnificent Seven" of defining companies. The public listing provides Figure with additional capital to expand its blockchain infrastructure and pursue its vision of moving debt, equity, and commodities markets on-chain.

CEO Mike Cagney, who joined the company as an early investor before taking the helm in 2024, positioned the IPO as validation of blockchain's practical applications in finance rather than theoretical potential. "We're not just going public to raise capital — we're going public to show the world what's possible," Cagney stated in connection with the listing.

The company's blockchain-native approach has enabled it to compress loan processing times from traditional 30-day cycles to just five days. Figure has built partnerships with over 170 companies, including Guaranteed Rate and Lowe's, and achieved industry-first AAA ratings from Moody's and S&P for securitizations of blockchain-native loans.

A key differentiator in Figure's platform is YLDS, which the company describes as the first SEC-registered, yield-bearing stablecoin that powers settlement and liquidity across its ecosystem. The innovation reflects Figure's broader strategy to move traditional capital markets infrastructure onto blockchain networks.

Figure has served more than 200,000 customers through its mortgage, crypto-backed loan, and other financial products. The company's revenue model combines traditional lending margins with blockchain efficiency gains, allowing it to maintain profitability while scaling operations.

After-hours trading saw shares pull back slightly to $30.45, down 2.12% from the closing price, though still maintaining significant gains from the IPO price.

The successful debut comes amid growing institutional interest in blockchain applications beyond cryptocurrency trading. Figure's debut follows other notable fintech IPOs this year and reflects broader investor confidence in companies that have demonstrated practical applications of emerging technologies rather than purely speculative ventures.