Blockchain Lender Figure Raises Over Half a Billion in U.S. IPO

Blockchain lender Figure Technology’s IPO has raised $787.5 million. The company raised the fund with support from key backers, including Ribbit Capital. According to Reuters, the stablecoin issuer is the latest crypto company to go public as digital assets gain mainstream acceptance.

Figure Technology’s Valuation

The blockchain lender sold 31.5 million shares at $25 each, placing Figure Technology’s IPO valuation at about $5.29 billion. The New York-based firm increased the price per share from the previous range of $20 to $22 per share. Initially, Figure Technology planned to issue 26 million shares. This changed on September 8, 2025 after the company increased the number to 31.5 million.

Figure Technology uses blockchain technology to link lenders to borrowers seeking home loans. Based on its IPO filing, the company finances home equity loans with 10 days, a duration that is significantly lower than the industry’s average of 42 days.

The company appointed Goldman Sachs, Bank of America, and Jefferies Securities to underwrite the blockchain lender’s 2025 IPO. Figure Technology stock is set to start trading on the Nasdaq on September 11, 2025, under the ticker symbol “FIGR”.

For the stablecoin issuer, Figure’s public offering comes at a time when supportive regulations from President Donald Trump’s pro-crypto administration have increased corporate investment in the crypto industry. Although analysts say that the digital currency industry is still nascent, crypto regulation in the U.S. has attracted institutional investors as pension funds and other buyers make digital assets like Bitcoin an integral part of their portfolios.

Crypto & blockchain IPO updates also show that strong inflows from exchange-traded funds have spurred crypto-related listings pushing the sector’s total market valuation past the $4 trillion mark.

Figure Technology’s Profitability

Figure Technology became profitable in 2025. The company reported a net income of $29.1 million on $190.6 million in revenue in the first half of the year. In 2024, the company reported a $15.6 million net loss on $150.6 million annual revenue.

The stablecoin issuer offers a range of products that include home equity lines of credit, digital asset exchange, and crypto-backed loans. In its IPO filing, Figure Technology said it has facilitated more than $16 billion in loans through blockchain. Customer credit scores for these loans averaged 756 in the first half of 2025. This is slightly higher than Figure-branded loans whose customer credit score stands at 749.

The company has started integrating AI in its underwriting and customer service stack. The company uses tools developed by OpenAI to assess loan applications. Figure has also integrated a Gemini-powered chatbot on its platform.

Strong Investor Interest

Figure Technology’s move to increase its IPO size and price ahead of listing was triggered by strong investor demand. Duquesne, a Family Office owned by billionaire investor Stanley Druckenmiller had expressed interest in purchasing shares worth up to $50 million from the company’s IPO.

Others that had expressed interest were Gemini Investments, DCM, and Morgan Creek. Cagney will maintain control of Figure Technology through Class B shares. Figure’s IPO debuts in one of the busiest weeks in U.S. public listings.

Digital bank Klarna, which debuted earlier this week, has seen its shares surge 15% on September 10, 2025. In August 2025, the Swedish digital bank said its U.S. IPO would be based on a $13 to $14 billion valuation. The fintech firm raised $1.37 billion on September 9, 2025 in a debut that could pave way for more high-growth listings. Crypto exchange, Gemini Space Station, which is led by the Winklevoss twins, is set to price its IPO on September 11, 2025, as it prepares to list publicly.