Stablecoin issuer Figure Technology announced a successful initial public offering (IPO), raising $787.5 million on Wednesday, marking a significant milestone in the crypto landscape. This IPO positions Figure as a notable player among firms venturing into public markets as digital assets continue to gain traction and recognition.
Taking advantage of a favorable regulatory environment under a pro-crypto administration, alongside increased adoption of cryptocurrencies by corporate treasuries and institutional investments from exchange-traded funds, Figure’s IPO aligns with a broader trend where the total market value of digital assets has surged beyond $4 trillion.
The New York-based firm and select existing investors offered 31.5 million shares at $25 each, exceeding their earlier price range of $20 to $22 per share. This pricing values Figure at approximately $5.29 billion. In a strategic move, the company increased the number of shares to be sold from an initial 26 million to 31.5 million, reflecting strong investor demand.
Starting Thursday, Figure will trade on the Nasdaq exchange under the ticker symbol “FIGR.” Prominent financial institutions Goldman Sachs, Jefferies, and BofA Securities acted as lead underwriters for the IPO. Founded in 2018, Figure harnesses blockchain technology to streamline the process of connecting home loan borrowers and lenders, significantly reducing the time required to fund home equity loans—from an industry average of 42 days to just 10 days.
The IPO also saw interest from notable investors, including Stanley Druckenmiller’s Duquesne Family Office, which indicated a willingness to purchase up to $50 million worth of shares from the offering.
In a separate development in the financial markets, shares of Swedish fintech company Klarna surged 30% in their long-anticipated market debut, signaling a resurgence in the U.S. IPO scene for the fall season. The improvement in equity valuations and the rising expectation of interest rate cuts have contributed positively to investor sentiment.
Further adding to the momentum, a number of high-profile companies, including cryptocurrency exchange Gemini, transit tech firm Via, and coffee chain Black Rock Coffee, are expected to finalize their own IPOs on Thursday, highlighting a dynamic and evolving marketplace.
