Blockchain lender Figure Technologies began trading on Nasdaq under the ticker FIGR after raising a total of $787.5 million in an upsized initial public offering. The company sold 31.5 million shares at $25 each, valuing Figure at roughly $5.29 billion based on 211 million shares outstanding.
Figure said it raised approximately $587 million in new capital from the offering, with the remainder coming from existing investors selling shares. Lead underwriters on the deal included Goldman Sachs and BofA Securities.
Figure positions itself as the largest non-bank provider of home equity financing, saying it has originated about $16 billion of home loans with partners since 2018. The firm offers home equity lines of credit (HELOCs) and crypto-backed loans, using its Provenance blockchain to accelerate approvals and funding.
A key differentiator is Figure’s tokenization of private credit. According to data from RWA.xyz, Figure had about $11.7 billion in outstanding loans represented on-chain. Those HELOC-backed tokens have a combined market capitalization of roughly $12.5 billion—currently larger than some major crypto tokens such as Avalanche’s native token.
The IPO adds to a wave of crypto-related public debuts this year, following listings or filings from firms including Bullish and Circle, with Gemini also preparing an IPO. For investors and the broader crypto market, Figure’s offering is a signal that traditional capital markets remain open to blockchain-native business models.
Risk note: Tokenized loans and on-chain representations of private credit are not identical to liquid cryptocurrencies; they can carry liquidity, credit and regulatory risks. Market valuations can change rapidly and investors should exercise due diligence.
Source: Decrypt. Read the original coverage for full details.
