Figure Technology IPO Raises $526M, Values Firm at $4.3B
Figure Technology has launched a $526 million IPO on Nasdaq under ticker FIGR, valuing the blockchain lender at about $4.3 billion. The company is offering 21.5 million new shares at $18–$20 each, plus 4.9 million existing shares, with pricing set for September 10. Building on $190.6 million revenue and $29.1 million net income in H1 2025, Figure IPO marks a turnaround from its H1 2024 loss. Founder Mike Cagney retains voting control post-IPO. The firm has originated $16 billion in blockchain loans via its Provenance Blockchain, shifting from consumer lending to crypto finance. Backers include Apollo Global, Ribbit Capital and 10T Holdings. The Figure IPO comes amid a wave of crypto listings—Gemini, Kraken and Bullish—and follows Circle’s IPO, which more than doubled on debut. This listing underscores growing institutional adoption of blockchain lending and could accelerate capital inflows into crypto infrastructure.
Bullish
The successful launch of Figure IPO is likely bullish for the crypto finance sector. In the short term, strong pricing and institutional backing can boost investor confidence, driving demand for blockchain lending platforms and related tokens. The IPO’s robust revenue and return to profitability signal business viability, reducing perceived risk. Over the long term, a well-executed public offering underlines mainstream adoption of blockchain lending and may attract further institutional capital into crypto infrastructure projects, potentially lifting market valuations and liquidity in the sector.