TLDR
- Figure Technology stock jumped 40% to $35 on first trading day after $787.5M IPO
- Company priced shares at $25, above expected $20-$22 range
- Blockchain lender valued at $5.29 billion following successful public offering
- CEO targets “Web3 Mag 7” status with 66% EBITDA growth in 2025
- Figure processes home equity loans in 10 days vs 42-day industry average
Figure Technology stock rocketed 40% higher in its Nasdaq trading debut Thursday. The blockchain lending company opened at $36 per share after pricing its IPO at $25 Wednesday night.
FIGR shares settled around $35 by midday trading. This marked a strong start for the New York-based stablecoin issuer on public markets.
The company raised $787.5 million through its initial public offering. Figure and existing shareholders sold 31.5 million shares total.
The $25 pricing exceeded Figure’s revised range of $20 to $22 per share. This was even higher than the original $18 to $20 range announced in August.
Strong investor demand forced Figure to increase its share count from 26 million to 31.5 million Tuesday. The oversubscribed offering values the company at $5.29 billion.
Goldman Sachs, Jefferies and BofA Securities served as lead underwriters. Figure now trades on Nasdaq under the FIGR ticker symbol.
Executive Eyes Web3 Leadership
Executive Chairman Mike Cagney outlined big ambitions in a Thursday CNBC interview. He said Figure aims to join what he calls the “Web3 Mag 7.”
“Just like there’s a mag seven of web 2.0, you’re going to have something like that for web 3.0,” Cagney explained. “We think we’re one of those companies.”
Figure posted $340 million in revenue last year with over $1 million in EBITDA. The company’s EBITDA growth hit 66% on an annualized basis for the first two quarters of 2025.
“It’s a unique intersection of a relatively young company, a very profitable company, in a very fast growing company,” Cagney told CNBC.
Blockchain Speeds Up Lending
Figure built its business around blockchain-powered lending since its 2018 founding. The company specializes in home equity loans processed through distributed ledger technology.
Figure can fund home equity loans in just 10 days according to its IPO filing. This compares to a 42-day industry average for traditional lenders.
The faster processing comes from Figure’s blockchain infrastructure. This eliminates many manual steps that slow conventional lending operations.
Retail investors showed early enthusiasm for FIGR stock. The ticker attracted over 700 Stocktwits followers before trading began.
Sentiment climbed from “bullish” to “extremely bullish” among retail traders. Chat volume also spiked to “extremely high” levels in the 24 hours before debut.
The crypto IPO wave continues with Gemini exchange pricing its offering Thursday. Gemini plans to begin Nasdaq trading Friday following Figure’s successful debut.
Figure’s 40% first-day pop demonstrates continued investor appetite for profitable blockchain companies. The strong debut validates the company’s positioning in the growing Web3 lending market.
