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Figure Climbs 24% in Nasdaq Debut After $787.5 Million IPO

The profitable home‑equity fintech’s listing underscores renewed institutional appetite for tokenized real‑world assets.

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Jay Heller, head of capital markets and IPO execution for Nasdaq, works during Blockchain lender Figure Technology Solutions company’s IPO at the Nasdaq Market in New York City, U.S., September 11, 2025. REUTERS/Eduardo Munoz

Overview

  • Figure priced 31.5 million shares at $25 under ticker FIGR, implying an IPO valuation near $5.3 billion and an upsized deal from earlier plans.
  • Shares opened around $36, touched the mid‑$30s, and closed at $31.11 on Sept. 11, roughly 24% above the offer price for a market value of about $6.6 billion.
  • Total proceeds were $787.5 million, with the company receiving roughly $587 million as existing holders sold the remainder; Goldman Sachs, Jefferies and BofA led the offering.
  • Founded in 2018, Figure says it has originated about $16 billion in loans and uses its Provenance blockchain to tokenize credit, claiming ~10‑day HELOC funding versus a ~42‑day industry average and reporting $11.7 billion in loans represented on‑chain.
  • Figure reported first‑half 2025 revenue of about $190.6 million and net income near $29 million, and its debut adds to a 2025 wave of crypto‑fintech listings supported by improving fundamentals and clearer U.S. policy.