Figure Technology Solutions (FIGR) priced its IPO at $25.00 – $3.00 above the top of its recently increased price range – and sold 31.5 million shares – the number of shares in the prospectus – to raise $787.5 million on Wednesday night, Sept. 10, 2025. Figure, a blockchain home equity lender and crypto company, had a market cap of $5.29 billion at pricing. Figure was founded by Michael Cagney, a SoFi co-founder, and June Ou, his wife, in early 2018.
Figure’s stock jumped to $36 – up $11 for a 44 percent gain from its IPO price – in its opening trade at 12:37 p.m. EDT today – Thursday, Sept. 11, 2025 – on the NASDAQ. Volume was about 4.62 million shares, according to NASDAQ. (Editor’s Note: This column, published early today, Thursday, Sept. 11, 2025, was updated this afternoon with news of Figure’s debut on the NASDAQ.)
Goldman Sachs, Jefferies and BofA Securities were the lead joint book-runners.
Societe Generale, Keefe, Bruyette & Woods (A Stifel Company) and Mizuho were joint book-runners.
Just two days ago – Figure upsized its IPO to 31.5 million shares at a price range of $20.00 to $22.00 to raise $661.5 million, if priced at the $21 mid-point, according to an S-1/A filing on Tuesday, Sept. 9, 2025. The original terms called for 26.3 million shares at $18.00 to $20.00 to raise $500 million.
Duquesne Family Office LLC, the investment arm of Stanley Druckenmiller, had indicated an interest in buying up to $50 million of stock in the IPO, according to the prospectus.
After the IPO, co-founder Michael Cagney will control a majority of the voting power of Figure’s stock, according to the prospectus.
In 2018, Figure started out by originating home equity loans on blockchain.
“We quickly expanded our model to B2B2C – where we now have over 168 third parties using our technology to originate loans on-chain – including half of the top 20 retail mortgage shops. More recently, we’ve opened up blockchain-native capital markets for those originators, where by using our technology they can sell (and soon finance) assets bilaterally to the blockchain capital markets with no intermediation from Figure.”
Figure has originated over $16 billion in home equity lines of credit using its Provenance blockchain from late 2018 (when the product was launched) to June 30, 2025, according to the prospectus.
Figure is profitable, according to the prospectus: Net income of $36 million on revenue of $376 million for the 12 months that ended June 30, 2025.
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