Blockchain lending platform Figure IPO success: raised nearly 800 million USD, valuation exceeds 5 billion USD

The blockchain lending platform Figure Technology Solutions Inc. has achieved significant success on Wall Street, raising $787.5 million in its initial public offering (IPO). The company's stock price was priced above expectations, reflecting strong investor demand. Figure achieved profitability in the first half of 2025 with its blockchain-based lending business. Its successful listing is not only a victory for its own business model but also symbolizes that digital financial companies are leading a new wave of IPOs in the current favorable regulatory environment.

IPO was a great success, with a valuation exceeding 5 billion dollars.

Figure's IPO success exceeded market expectations. The company and its main backers sold 31.5 million shares at a price of $25 per share, bringing the company's valuation to approximately $5.3 billion.

Strong Demand: On the eve of the IPO, due to strong investor demand, Figure not only increased the number of shares issued but also raised the issue price. The company's stock was listed on the Nasdaq Global Select Market on September 11, with the stock code FIGR.

High-profile investors: Notable investors such as Stanley Druckenmiller's Duquesne Family Office have expressed interest in purchasing up to $50 million worth of stock, indicating a high level of market recognition for Figure.

Profitability and Core Business

The successful listing of Figure is not accidental; the profitability of its business model is key. The company was founded by former SoFi Technologies CEO Mike Cagney in 2018 and was succeeded by Michael Tannenbaum as CEO in 2024.

Financial Performance: In the first half of 2025, Figure achieved a net income of 29.1 million USD, reversing a loss of 15.6 million USD from the same period last year, with revenue increasing from 156 million USD to 190.6 million USD.

Technological Innovation: Figure uses its proprietary Blockchain Provenance to streamline the lending process, with a product line that includes Home Equity Line of Credit (HELOC), cryptocurrency mortgages, and digital asset exchanges. To date, the company has facilitated over $16 billion in loans through blockchain channels.

AI Applications: It is worth mentioning that Figure has integrated artificial intelligence into its business, utilizing OpenAI's tools for loan underwriting and integrating a Google AI-driven chatbot to enhance customer service efficiency.

Regulatory environment favorable, boosting the wave of digital finance IPOs

Figure's IPO coincides with the busiest listing week in the U.S. in 2025, with other companies in the digital finance sector, such as Klarna, also going public at the same time. This surge in IPO activity is closely related to the current regulatory environment.

Regulatory Shift: Since President Trump returned to the White House, the regulatory environment in the United States has become more favorable towards digital assets. The U.S. Securities and Exchange Commission (SEC) has dismissed cases against several crypto companies and established a new working group led by pro-crypto individuals aimed at developing a clear regulatory framework for crypto.

Policy Support: The Trump administration advanced its pro-crypto agenda through a series of policies, such as signing an executive order encouraging 401(k) retirement plans to include cryptocurrencies and other alternative assets. Additionally, he nominated digital asset advocate Stephen Miran to serve on the Federal Reserve Board. According to my inquiries, Miran's nomination was approved by the Senate committee on September 10 and is awaiting a full Senate vote.

Conclusion

The successful IPO of Figure is not just a victory for one company; it demonstrates that blockchain technology can build profitable and scalable business models in the ever-evolving fintech space. Against the backdrop of an increasingly favorable macro regulatory environment, Figure's success sends a clear signal to Wall Street and policymakers: blockchain is not merely a speculative tool; it is becoming an essential core component of the future financial system.