Blockchain lender Figure Technology raised $787.5 million in its U.S. initial public offering, marking a significant step for digital asset-based financial companies entering mainstream markets. The company, which now trades on Nasdaq under the ticker “FIGR,” sold 31.5 million shares at $25 each, exceeding its revised range of $20 to $22. The offering values Figure at $5.29 billion and reflects strong institutional demand, with Stanley Druckenmiller’s Duquesne Family Office showing interest in purchasing up to $50 million of shares. The offering was managed by Goldman Sachs, Jefferies, and BofA Securities as joint bookrunners. Increased investor demand prompted the company to expand the deal size from 26 million to 31.5 million shares just before pricing.
Founded in 2018 and based in New York, Figure uses blockchain technology to connect lenders with home loan borrowers, offering home equity loans within 10 days compared with the industry average of 42 days. The IPO comes as the total cryptocurrency market surpasses $4 trillion, bolstered by favorable U.S. regulations, corporate adoption of digital assets, and inflows into exchange-traded funds. Figure’s debut coincides with a recovery in the IPO market, alongside strong performances from Klarna and upcoming listings from Gemini, Via, and Black Rock Coffee.
