Figure Technology, a leading stablecoin issuer and blockchain finance innovator, made a splashy Wall Street debut on September 11, 2025, pricing its IPO at $25 per share and raising $787.5 million.
The company, along with several longtime investors, sold 31.5 million shares, setting Figure’s valuation at roughly $5.3 billion, well above earlier projections.
Founded in 2018 by SoFi’s Mike Cagney, Figure is known for its rapid blockchain-based home equity lending and SEC-compliant stablecoin platform, both central to its disruptive push in the crypto space.
Figure IPO: Investor enthusiasm drives oversubscription
Investor demand for Figure shares was robust, with both retail and institutional buyers piling in, leading the company to increase both its price and share count.
Crypto stocks have been on a tear in 2025, as regulatory clarity and growing adoption have fueled market appetite for new offerings.
Figure IPO proceeds of $787.5 million reflect deep confidence in its strategy to integrate blockchain finance into traditional markets.
The company begins trading on Nasdaq under the ticker “FIGR,” with analysts highlighting its role in advancing stablecoins and tokenized assets.
Strong financials support valuation
Figure’s financials underscore its growth momentum. In the first half of 2025, the company posted $29 million in net income, bouncing back from a $13 million loss in the same period last year.
With over $16 billion in home equity loan originations, Figure ranks among the largest non-bank players in this segment.
Figure IPO proceeds are earmarked for expanding product development, including Figure Connect, a loan marketplace, and Dart, an on-chain lien registry, as well as scaling its SEC-compliant YLDS stablecoin.
Regulatory tailwinds and market implications
The IPO comes amid a more crypto-friendly US regulatory environment, encouraging digital asset innovation.
Several blockchain firms are lining up for public listings after the successful debuts of companies like Bullish and Circle.
Figure’s compliance-focused approach has reduced regulatory risk, helping attract capital from both crypto-native and mainstream investors. Its listing marks another step in the convergence of traditional finance and blockchain technology.
Analysts view Figure as a bellwether for blockchain finance IPOs. Its work on on-chain mortgage records, tokenized stablecoins, and automated lending, sets new industry standards.
Despite lingering concerns over market swings and regulatory changes, supporters highlight Figure’s early-mover edge, multiple revenue streams, and its unique position connecting crypto with traditional finance.
Its strong debut could open doors for further expansion in digital finance and the broader fintech landscape.
In the coming weeks, investors and analysts will be keeping a close eye on Figure’s stock, seeing it as a key indicator for the future of stablecoins, tokenized assets, and the wider adoption of blockchain in mainstream financial markets.
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