"Blockchain lender Figure Technology is the latest crypto company to go public. On Thursday, Figure debuted on the Nasdaq after raising $787.5 million in its IPO. The company's shares listed at $25 but soared almost 30% to trade at $32 Thursday afternoon. That means the company, whose ticker is FIGR, is trading at about a $6 billion valuation. Founded in 2018, Figure's business centers around putting mortgages on the blockchain, which the company says speeds up the granting and funding of home loans."
"From June 2024 to June of this year, it facilitated about $6 billion in loans, according to filings with the Securities and Exchange Commission. And from January to June, it generated more than $190 million in revenue and almost $30 million in net income. "The IPO is one step in a long process to bring blockchain to all aspects of capital markets," wrote Mike Cagney, cofounder and CEO of Figure, in a letter to investors in the company's prospectus."
Figure Technology debuted on the Nasdaq after raising $787.5 million in an IPO, with shares listing at $25 and trading near $32 for an implied $6 billion valuation. Founded in 2018, Figure places mortgages on the blockchain to accelerate the granting and funding of home loans. From June 2024 to June 2025, Figure facilitated about $6 billion in loans. From January to June, Figure recorded over $190 million in revenue and almost $30 million in net income. CEO Mike Cagney described the IPO as a step toward bringing blockchain to capital markets amid heightened crypto IPO activity.
Read at Fortune Crypto
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