Figure IPO Pops 24% – Blockchain Lending Platform Joins Wall Street

The crypto-to-Wall Street pipeline is showing no signs of slowing. On Thursday, Figure Technology Solutions Inc. (FIGR) made its long-awaited Nasdaq debut, raising nearly $788 million in one of the biggest U.S. fintech IPOs this year.

Shares priced at $25—above the already raised guidance range—and opened at $36, a 44% pop. At one point, gains exceeded 50%, before settling to a close of $31.11, up 24.4% on the day. At that price, Figure commands a market cap of about $6.6 billion, comfortably above its 2021 private valuation of $3.2 billion.

From SoFi Roots to Blockchain Lending

Figure was founded in 2018 by Mike Cagney, the former CEO of SoFi, alongside a team of fintech veterans. Unlike most crypto-related listings that lean on tokens or speculative narratives, Figure positions itself as a blockchain-powered infrastructure company. Its core product is a platform that helps consumers tap into home equity loans and HELOCs (home equity lines of credit), with all of the back-end settlement and record-keeping handled on-chain.

So far, the model has traction. The company claims to have originated more than $16 billion in loans via blockchain, and more importantly, about 10 of the top 20 U.S. mortgage lenders use its technology. That makes Figure less about “crypto hype” and more about “fintech plumbing.”

A Rare Profit Story in Fintech IPO Land

Perhaps the most notable piece of Figure’s pitch is that it’s already profitable. That sets it apart from many fintech IPOs in recent years, which often leaned on growth narratives while burning cash.

For the first half of 2025, Figure reported $190.6 million in revenue (+22% YoY) and $29.1 million in net profit, compared to a $15.6 million loss in the same period last year.
For full-year 2024, revenue hit $341 million, with $17 million in profit—a stark improvement from 2023’s $209.6 million revenue and $47.9 million loss.

Loan growth also looks healthy. Over the past twelve months to June, Figure facilitated about $6 billion in home equity loans, up 29% year-on-year. Its borrower base skews prime, with FICO scores averaging 749–756 depending on the brand.

“Real-World Blockchain” Pitch

Management has leaned heavily on the idea that Figure is an example of blockchain applied to real-world problems. CEO Michael Tannenbaum called the IPO “a proof point that blockchain can add real value in financial services.”

Co-founder Cagney has gone further, arguing that blockchain could replace multiple intermediaries in traditional financial transactions. For example, he points out that a single stock trade can involve seven middlemen between buyer and seller. With blockchain, he claims, that number could drop to just two.

Beyond mortgages, Figure’s proprietary blockchain Provenance has already attracted more than 20 major banks for various financial applications. That opens the door for broader adoption across lending, payments, and asset securitization.

Market Context – Crypto Listings Keep Coming

Figure’s IPO isn’t an isolated case. Just weeks ago, Circle (the issuer of USDC stablecoin) successfully went public, and today the Gemini crypto exchange—founded by the Winklevoss twins—follows suit.

This week has been one of the busiest IPO windows of the year in the U.S., and blockchain-related firms are taking center stage. Investors appear more discerning than in prior “crypto hype” cycles. Instead of speculative tokens, the appetite is now for companies with cash flow, adoption, and regulatory-friendly models.

Risks and Governance

That said, it’s not all smooth sailing. Lending is a cyclical business, and home equity loans are tied directly to housing market conditions. Rising defaults or a housing slowdown could pressure growth.

Another point is governance: Cagney retains 68.6% of voting control through super-voting shares, meaning public investors will have little influence over company strategy. That could be a red flag for some institutional buyers, even if it reassures others that the founder is fully committed.

Why This IPO Matters

Figure’s successful debut matters for two reasons:

Narrative shift – Blockchain is being rebranded from “crypto speculation” to “financial infrastructure.” Figure represents the latter, and markets seem willing to reward it.
Investor appetite – A strong pop suggests there’s still plenty of demand for companies at the intersection of fintech and crypto, provided they can show real revenues and profits.

If Circle was about proving stablecoins can reach Wall Street, Figure shows blockchain lending can too. With Gemini now lining up next, the question is whether we’re seeing the early stages of a broader crypto IPO cycle.

My Take

Figure’s IPO is encouraging for anyone who believes blockchain has applications beyond trading coins. The company is profitable, growing, and already embedded with traditional lenders.

But like any lender, its fortunes will rise and fall with credit markets. If housing stays resilient, Figure could build out a durable business model. If not, it will be a real test of whether blockchain efficiency alone can offset cyclical risk.