Figure Technology (FIGR) is set to start trading on Nasdaq today under the ticker “Figr.” This follows a successful US Early Public Offer (IPO) that raised around $787.5 million just yesterday. The timing coincides with the debut of Circle Internet (CRCL), another player in the Stablecoin space, which seems to have added to the excitement surrounding stablecoins and blockchain technology.
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Founded in 2018 by former Sofi Technologies CEO Mike Cagney, Figure Technology has attracted significant funding from existing investors. It’s become one of the latest cryptocurrency firms to tap into public markets as digital assets gain traction in finance. The major underwriters for this IPO were Goldman Sachs, Jefferies Financial, and Bank of America.
Trading Details for Figure
The company and its existing investors sold 31.5 million shares at $25 each, exceeding the initial price range of $20 to $22 per share. This pricing translates to a valuation of $52.9 billion. The strong demand led to an increase in sold shares, rising from 26 million to the final figure on September 9th.
Key backers include prominent private equity firms, such as DCM, Ribbit, Gemini Investments, and Morgan Creek Capital Management. Notably, billionaire investor Stanley Druckenmiller’s Duquesne Family Office is looking to purchase up to $50 million in stock at the IPO price.
Post-IPO, Cagney retains 68.6% of Figure’s voting rights by holding Class B stock, which grants him ten votes per share.
Understanding Figure’s Business Model
Figure Technology utilizes blockchain to connect lenders and borrowers on one platform. IPO documents reveal that the company can fund Home Equity Line (HELOC) loans in about 10 days, while traditional banks typically take around 42 days. They also offer encrypted loans and operate digital asset exchanges. So far, Figure has funded over $16 billion in loans via its blockchain-based framework.
Furthermore, Figure employs artificial intelligence to assess loan applications, utilizing OpenAI models or Alphabet’s Gemini chatbots on customer platforms.
In the six months ending June 30, 2025, Figure reported a net profit of $29.1 million with sales reaching $190.6 million—an improvement from a net loss of $105.6 million on revenues in the same period the previous year.
Other Upcoming IPOs
For details on upcoming IPOs, you can check out the IPO filings in the TIPRANKS IPO Calendar.
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