Crypto lender Figure Technology raises $787.5M in IPO at $5.3B valuation on strong revenue growth

Figure Technology made its Wall Street debut on Wednesday, raising $787.5 million in one of the largest crypto-linked IPOs this year. The New York–based startup, founded in 2018 by SoFi co-founder Mike Cagney, priced 31.5 million shares at $25 each, above its target range, giving the company a market value of $5.29 billion. Shares will begin trading on Nasdaq on Thursday under the ticker “FIGR.”

The IPO arrives on the back of a sharp turnaround. Figure reported $191 million in revenue for the first half of 2025, up 22% from a year ago, and swung to a $29 million profit after posting a $13 million loss during the same period last year. That profitability set the stage for a stronger-than-expected listing, with investors betting that blockchain finance can deliver real business results rather than just headlines.

Founded as a blockchain-native platform connecting borrowers and lenders of home loans, Figure has built its reputation on speed. The company says it can fund home equity loans in just 10 days compared to the industry average of 42. Since launch, Figure and its more than 160 partners have originated over $16 billion in loans. Beyond lending, the platform has expanded into trading and digital asset services, pitching itself as a bridge between traditional finance and blockchain infrastructure.

Goldman Sachs, Jefferies, and BofA Securities led the offering, while billionaire investor Stanley Druckenmiller’s Duquesne Family Office indicated interest in buying up to $50 million worth of shares, Reuters reported. The oversubscribed deal reflects growing investor appetite for crypto-aligned companies, a trend reinforced earlier in the day by Klarna’s 30% surge in its long-awaited market debut.

Cagney framed the IPO as a step toward bringing blockchain deeper into financial markets. “Blockchain can do more than disrupt existing markets. By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such,” he said in the company’s filing.

Figure last raised $200 million in 2021 at a $3.2 billion valuation. This week’s IPO more than validates the company’s growth since then, while giving it fresh capital to expand in a sector now valued at more than $4 trillion. Cagney will keep majority voting control after the listing, positioning Figure as one of the few blockchain firms with both investor backing and a proven business model.

As Josef Schuster, CEO of IPOX, put it: “Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO- but also through deSPAC transactions.”

For Figure, the debut is less about hype and more about cementing its status as one of the rare blockchain players proving that digital finance can deliver profits alongside promise.