Blockchain Lender Figure Raises $788M in IPO

Figure Technologies (FIGR) hit Nasdaq on Thursday after raising $787.5M in an upsized IPO, joining the ranks of crypto-linked firms now publicly listed. The deal values the company at $5.29B and comes amid heightened interest in tokenized real-world assets.

What’s the Scoop?

• IPO Details: Figure sold 31.5M shares at $25 each — above the originally planned range of $20-$22 — while earlier backers also sold shares. The company itself raised $587M, with the rest going to existing investors.
• Tokenized Lending Business: Figure operates a blockchain-native lending platform and claims to be the largest non-bank home equity lender, with $16B in originated home loans.
• Crypto-Backed Loans & DeFi Crossover: Beyond home equity, Figure also facilitates crypto-collateralized lending, integrating traditional financial products with DeFi infrastructure.
• Wall Street Embrace: The offering is the latest in a string of crypto-linked IPOs. Bullish and Circle debuted earlier this year, while Gemini is scheduled to go public Friday.

Bankless Take:

Nearly all of Figure lending activity (99%) comes from home equity lines of credits, making the business heavily correlated with broader economic conditions. Figure opened public market trading today at $36.01 and shares closed the day at $31.11, off the highs but 25% above the IPO price.