Figure's Blockchain Lender Makes $5.3 Billion Market Debut on Nasdaq
In a groundbreaking move for the fintech industry, Figure Technologies, a blockchain-based lender based in New York, made its debut on the Nasdaq stock exchange on September 11, 2025, under the ticker symbol "FIGR". The IPO was upsized, raising $587 million with 31.5 million shares sold at $25 apiece, valuing the company at $5.29 billion.
Figure Technologies is renowned for its innovative approach to home equity financing. In addition to traditional home equity financing, the company facilitates crypto-backed loans. This unique offering has propelled Figure to become the largest non-bank provider of home equity financing, according to its ecosystem description.
The speed and efficiency of Figure's services are another key selling point. Applicants for Figure's home equity line of credit (HELOC) can receive approval in minutes and funding within days. This rapid process is made possible by Figure's use of cutting-edge technology, including its Provenance blockchain for the tokenization of private credit.
Figure's HELOC tokens are listed on crypto data provider CoinGecko, and as of Thursday, the market cap of these tokens was greater than Avalanche's native token. The market cap of Figure's tokenized HELOC loans currently stands at $12.5 billion, ranking among the largest cryptocurrencies by market capitalization.
Since its inception in 2018, Figure has originated $16 billion worth of home loans. In comparison, its biggest competitors, Tradable and Maple Finance, had total loans of $2.1 billion and $1.2 billion, respectively.
Figure's IPO comes at a time when several crypto firms are debuting on Wall Street. Notably, the Winklevoss-founded crypto exchange Gemini is set for its IPO on Friday. Goldman Sachs and BofA Securities were the lead underwriters for Figure's IPO.
As of Thursday, Figure had $11.7 billion in outstanding loans represented on its Provenance blockchain, according to RWA.xyz. This figure underscores Figure's significant impact on the lending market, both traditional and crypto-based.
In summary, Figure Technologies' debut on Wall Street marks a significant milestone in the fintech and crypto industries. With its innovative approach to home equity financing, rapid approval and funding process, and successful IPO, Figure is poised to continue shaping the future of lending.
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