Figure Tech Soars 24% in Blockbuster $787.5M IPO Debut
Key Highlights
Figure Tech's Nasdaq debut saw a 24.44% surge, raising $787.5 million at a $6.6 billion valuation.
IPO pricing at $25 per share, opened at $36, and closed near $31.
Revenue growth of 63% in 2024, with $340.9 million and a $19.9 million profit.
A Stellar Nasdaq Launch
Figure Technologies [2], a blockchain-powered fintech firm, made waves with its Nasdaq debut on September 11, 2025, climbing 24.44% on its first trading day. The initial public offering (IPO) priced at $25 per share, raising $787.5 million and valuing the company at approximately $6.6 billion [1]. The stock opened at $36—a 44% leap from the offering price—before settling around $31 by the close, per Yahoo Finance data.
The IPO exceeded expectations, which had initially pegged the share price between $20 and $22. This strong performance underscores the market’s enthusiasm for blockchain and fintech innovations, positioning Figure among a wave of crypto-adjacent unicorns capitalizing on a robust IPO market.
Riding the Crypto IPO Wave
Figure isn’t alone in this bullish market. Recent IPOs from Circle Internet Group (up 17.6%) [3] reflect growing investor confidence in blockchain and fintech sectors. Meanwhile, anticipation builds for Gemini [4], the Winklevoss-founded crypto exchange, set to debut on Friday.
Blockchain-Powered Lending and Trading
Figure Technologies, founded by Mike Cagney (formerly of SoFi), operates a blockchain platform streamlining home-equity line of credit (HELOC) transactions. Beyond lending, Figure runs a digital asset exchange for trading major cryptocurrencies like Bitcoin and Ethereum. This dual focus on lending and crypto trading sets Figure apart in the fintech landscape. Total revenue clocked in at $190.6 million for the six months ended June 30, up 22% from a year ago. Net income came in at $29.4 million versus a loss of $13.4 million last year [5].
Circle and the Stablecoin Connection
Figure’s role as a stablecoin-adjacent company ties it to the broader crypto ecosystem, particularly through its alignment with firms like Circle Internet Group, a leading stablecoin issuer. Circle, which saw a 17.6% gain in its recent IPO, is the issuer of USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Stablecoins like USDC provide a low-volatility digital asset for transactions, making them integral to blockchain-based financial systems. Figure leverages blockchain technology to enhance liquidity and efficiency in lending, complementing the stability and utility of stablecoins in digital finance. While Figure itself does not issue stablecoins, its blockchain infrastructure supports the kind of decentralized, efficient markets that stablecoins enable, positioning it as a key player in the crypto-adjacent fintech space.
YLDS: A Game-Changing Stablecoin Innovation
Yieldstreet Lending Department Solutions (YLDS) [6], launched by Figure Markets on February 20, 2025, is a groundbreaking addition to Figure’s portfolio. YLDS is the first interest-bearing, transferable stablecoin native to a public blockchain, registered with the SEC. Built on the Provenance Blockchain, YLDS is a fixed-price, daily accrual public debt security backed by securities typically held by prime money market funds. It offers holders a yield (SOFR minus 0.50%, accrued daily and paid monthly) and supports peer-to-peer transfers and 24/7 trading. Designed for use in exchange collateral, cross-border remittances, and payment rails, YLDS bridges traditional finance (TradFi) and decentralized finance (DeFi). Its SEC registration mitigates regulatory risks, enhancing Figure’s credibility and contributing to investor confidence in the IPO, which saw the stock surge under the ticker “FIGR.” YLDS underscores Figure’s leadership in real-world asset (RWA) tokenization, with over $41 billion in RWA transactions on its platform.
Big Investors Back Figure’s Vision
Figure’s growth story, bolstered by innovations like YLDS, has attracted heavyweight investors. Stanley Druckenmiller’s Duquesne Family Office [7] committed up to $50 million in Figure stock at the IPO price. Tannenbaum [9] praised Druckenmiller’s interest, noting their alignment with Figure’s “democratized and decentralized” lending model. Early investor Don Butler of Thomvest Ventures [8], who backed Figure in 2018, highlighted the company’s potential to expand into mortgages and other consumer lending products, leveraging blockchain for efficiency.
Figure generates revenue through loan origination and servicing fees, interest income, Heloc sales, and trading fees from products like YLDS. This diversified model positions it as a stablecoin-adjacent player with solid fundamentals, distinguishing it from cash-burning startups.
What’s Next for Figure?
As Figure continues to innovate, its blockchain-driven approach, exemplified by YLDS and Figure Connect, could reshape consumer lending. Butler told Barron’s that Figure is likely to pursue organic growth and acquisitions, expanding beyond HELOCs. With a hot IPO market and strong investor backing, Figure is well-positioned to capitalize on the growing demand for blockchain-powered financial solutions.