Blockchain-based lending platform Figure (FIGR) debuted on Nasdaq on September 11, with shares closing up 24% at $31.11, establishing a $6.6 billion market capitalization.

The Event in Detail

Figure (FIGR.US), a blockchain-native lending platform, commenced trading on Nasdaq on September 11. The initial public offering (IPO) priced at $25 per share, and on its debut, shares closed at $31.11, marking a 24% gain. The company reached an intraday peak of $36.13, representing a 44.5% surge, and concluded its first day of trading with a market capitalization of approximately $6.6 billion based on 211.66 million shares outstanding. The debut proceeded without trading halts, a contrast to the volatility experienced by some other recent crypto IPOs, including Circle and American Bitcoin. While Figure enters public markets with a smaller market capitalization compared to recent crypto IPOs such as Bullish ($8.04 billion), American Bitcoin ($7.52 billion), Galaxy Digital ($10.99 billion), and Circle ($30.74 billion), it maintains one of the lowest share counts among these firms.

Financial Mechanics and Operational Efficiency

Figure leverages its proprietary blockchain, Provenance, to originate, fund, track, and trade loans, aiming to streamline capital markets. The company initiated its services with home equity lines of credit (HELOCs) and has since expanded to offer crypto-backed loans, using Bitcoin and Ethereum as collateral, and operates a digital asset exchange. According to company filings, Figure has originated or facilitated over $16 billion in loans and processed over $50 billion in transactions on its blockchain. The platform's efficiency is evidenced by a median HELOC funding time of approximately 10 days, significantly lower than the industry median of about 42 days. Furthermore, the average production cost per loan is reported at approximately $730, substantially below the mortgage industry average of about $11,230. Figure also integrates artificial intelligence from OpenAI and Google Gemini to assess loan applications and enhance platform functionalities. In the fiscal year 2024, Figure reported $341 million in revenue and $20 million in net income.

Business Strategy and Market Positioning

Founded in 2018 by Mike Cagney, co-founder and former CEO of SoFi, Figure positions itself at the intersection of traditional finance and the evolving crypto economy. Its successful listing on Nasdaq underscores a broader trend of blockchain-based entities seeking integration with mainstream financial markets. Figure's business model is particularly aligned with the growing Real World Asset (RWA) narrative, focusing on the tokenization of private credit. The company currently dominates approximately 75% of the tokenized private credit market. The improved regulatory environment, including initiatives such as the GENIUS Act and the Trump administration's pro-crypto policies, is cited as a factor contributing to investor confidence and validating Figure's tokenization strategy. This environment is characterized by increased regulatory clarity, which reduces compliance burdens for institutional investors and supports the maturation of the digital asset market.

Broader Market Implications

The successful IPO of Figure is viewed as a significant step towards bridging traditional finance with the crypto economy, potentially paving the way for more blockchain-based and RWA-focused companies to enter public markets. This event validates the RWA narrative and is anticipated to attract additional institutional capital into the blockchain-enabled lending sector. Analysts suggest that the success of companies like Figure could unlock substantial market opportunities for blockchain financial services. Mark Thompson, an analyst from CryptoWatch, stated that Figure's success could unlock a $2 trillion market for blockchain financial services by 2030. Furthermore, Bloomberg has noted a 35% increase in institutional interest in crypto in 2025 alone, indicating a growing acceptance and integration of digital assets within the broader financial landscape. The strong market demand and performance of Figure reinforce the trend of crypto companies seeking mainstream financial market integration.