Stablecoin issuer Figure Technology Solutions Inc. successfully raised $787.5 million in its U.S. initial public offering on Wednesday, becoming the latest crypto-focused firm to tap into public markets. The offering signals a wave of sector listings fueled by growing mainstream acceptance of digital assets, regulatory wins under a pro-crypto administration, and substantial inflows into cryptocurrency exchange-traded funds. This trend has helped the broader digital asset market recently surpass a $4 trillion valuation.
The New York-based company, along with some of its existing investors, sold 31.5 million shares priced at $25 each. This final price exceeded the company’s previously increased target range of $20 to $22 per share, giving Figure a robust market valuation of approximately $5.29 billion. The strong investor demand prompted the company to increase the number of shares offered from 26 million to 31.5 million just a day before the pricing.
Founded in 2018, Figure utilizes blockchain technology to streamline the home lending process, connecting lenders and borrowers. According to its IPO filings, the company significantly reduces funding times, financing home equity loans in an average of just 10 days compared to the industry standard of 42 days. The offering attracted notable interest, including from billionaire investor Stanley Druckenmiller’s Duquesne Family Office, which indicated plans to buy up to $50 million worth of shares.
The successful IPO, led by underwriters Goldman Sachs, Jefferies, and BofA Securities, is part of a strong rebound for the U.S. IPO market this fall. This resurgence was further signaled by a 30% jump in shares of Swedish fintech firm Klarna during its long-awaited market debut on the same day. Figure is set to begin trading on the Nasdaq on Thursday under the ticker symbol “FIGR,” alongside other anticipated listings from companies like crypto exchange Gemini.
