Figure Technology, a leading stablecoin issuer and blockchain finance company, made its Wall Street debut on September 11, 2025. The IPO was priced at $25 per share, raising $787.5 million. With 31.5 million shares sold, Figure’s valuation hit about $5.3 billion, well above initial expectations.
Founded in 2018 by SoFi co-founder Mike Cagney, Figure is known for its blockchain-based home equity lending and SEC-compliant stablecoin platform. These products have helped the company stand out in the crypto and fintech space.
Investor interest was high. Both retail and institutional buyers lined up, prompting Figure to increase its share count and price. Crypto stocks have been performing strongly in 2025, thanks to clearer regulations and rising adoption, and Figure’s IPO benefited from this momentum. The company now trades on Nasdaq under the ticker “FIGR,” and analysts see it as a leader in stablecoins and tokenized assets.
Figure’s financial performance supports its valuation. In the first half of 2025, it posted $29 million in net income, recovering from a $13 million loss the previous year. The company has originated over $16 billion in home equity loans, making it one of the largest non-bank players in this market.
Proceeds from the IPO will fund product development and expansion. Key initiatives include Figure Connect, a loan marketplace, Dart, an on-chain lien registry, and scaling its YLDS stablecoin platform. These moves aim to strengthen Figure’s presence in both traditional finance and blockchain innovation.
The IPO comes at a time of more crypto-friendly regulation in the US, encouraging digital asset companies to go public. Figure’s compliance-focused approach has helped reduce regulatory risk, attracting investment from both crypto-focused and mainstream investors. Analysts see Figure as a bellwether for blockchain finance IPOs. Its work in on-chain mortgage records, tokenized stablecoins, and automated lending is setting new industry standards.
Despite potential market swings and regulatory uncertainty, Figure benefits from its early-mover advantage, diverse revenue streams, and its unique role connecting crypto with traditional finance. Its successful debut could pave the way for further growth in digital finance and fintech. In the coming weeks, investors and analysts will closely watch Figure’s stock as a key indicator for the future of stablecoins, tokenized assets, and broader blockchain adoption in mainstream finance.