Figure’s $5.3B Nasdaq Leap

Figure Technologies, a lender specializing in blockchain solutions, is scheduled to commence trading on the Nasdaq exchange this Thursday under the ticker symbol “FIGR.” This follows the successful completion of its initial public offering, where the company and its investors collectively raised $787.5 million, according to a


formal announcement.

Based in New York, Figure Technologies employs a blockchain-driven platform to streamline lending operations beyond conventional methods. The company offered 31.5 million shares to the public, priced at $25 per share. Initially, Figure Technologies and its investors anticipated a share price range of $20 to $22 for a total of 26 million shares. Considering the 211 million outstanding shares, the IPO values Figure Technologies at approximately $5.29 billion.

This successful IPO offers insight into Wall Street’s current sentiment toward the cryptocurrency sector, following the recent public debuts of crypto exchange Bullish and stablecoin issuer Circle earlier this year. Notably, Gemini, the crypto exchange co-founded by the Winklevoss twins, is also preparing to launch its IPO on Friday.

According to Figure Technologies, the company will not receive any proceeds from the shares sold by existing investors. Consequently, Figure Technologies directly secured $587 million through the IPO process. Goldman Sachs and BofA Securities served as the primary underwriters for the IPO.

Figure Technologies defines itself as “the leading non-bank provider of home equity financing.” Since its inception in 2018, the company reports originating $16 billion in home loans in conjunction with its various partners. Furthermore, Figure Technologies facilitates loans secured by cryptocurrency assets.

Typically, homeowners utilize a home equity line of credit (HELOC) to fund home renovations or consolidate existing debt. Traditional HELOC acquisition processes can be lengthy; however, Figure Technologies asserts that, through its blockchain technology, applicants can achieve approval within minutes and receive funding in a matter of days.

By leveraging its Provenance blockchain, Figure Technologies is actively engaged in the tokenization of private credit. Data from


RWA.xyz

reveals that, as of Thursday, Figure Technologies has $11.7 billion in outstanding loans represented on-chain. Comparatively, the total value of loans originated by Tradable and Maple Finance, its primary competitors, amounted to $2.1 billion and $1.2 billion, respectively.

Figure’s HELOC loans, represented as tokens, hold a substantial position in the cryptocurrency market by market capitalization, according to data from
CoinGecko. With a value of $12.5 billion, the market capitalization of Figure’s HELOC tokens surpasses even that of
Avalanche’s native token.