Figure Tech Soars 25% in Nasdaq Debut, Hits $6.6B Valuation
The blockchain-based lender's successful IPO signals strong investor appetite for crypto-adjacent financial technology firms.
Figure Technologies (FIGR), a lending firm leveraging blockchain technology, made a powerful debut on the Nasdaq exchange, with its stock price surging nearly 25% in its first day of trading. Shares closed at $31.11, pushing the company's valuation to approximately $6.58 billion and marking one of the most successful recent public offerings in the financial technology sector.
The strong opening reflects significant investor confidence in companies bridging traditional finance with digital asset infrastructure. At the core of Figure's business is a proprietary blockchain platform designed to dramatically streamline the loan process. The company asserts its technology can complete tasks in just a few days that take competitors over a month, .
Since its inception in 2018, Figure and its partners have originated over $16 billion in loans, establishing what it calls the largest on-chain market for private credit. This successful IPO is seen by analysts as a sign of investors' growing belief that and a major step forward for the tokenization of real-world assets.
Figure CEO Michael Tannenbaum noted that the company's platform, which currently manages $11.7 billion in outstanding loans, demonstrates how blockchain can create more efficient markets. The warm reception on Wall Street suggests a growing understanding among investors of the long-term value in tokenizing physical and financial assets, a core component of Figure's strategy. The company’s market for tokenized Home Equity Line of Credit (HELOC) loans has reached a value of , underscoring the scale of its operations in the burgeoning digital asset space.