Figure, having raised $787.5 million for the blockchain-based lender’s IPO, closed its first day trading on the Nasdaq at $31.28, about 24.4% over its IPO price.
Figure’s listing is the latest in a strong run of long-awaited crypto IPOs. Exits in the sector have increased as the Trump administration and a Republican-led Congress have pushed industry-friendly regulation. And it comes as tech companies look to take advantage of the post-Labor Day IPO window.
Figure, which originates consumer home loans via blockchain tech, bumped up its offering share price to $25 from its target of $20 to $22 per share, giving it a $5.3 billion valuation. On Thursday, it opened its first trading day at $36.
The result is a windfall for some of crypto’s largest and longest-tenured VC firms, including Pantera Capital, Jump Crypto, CMT Digital, DCM Ventures and North Island Ventures. Other tech VCs, such as Lightspeed, have also backed Figure.
The company, led by SoFi co-founder Mike Cagney, specializes in home equity lines of credit loans, known as HELOC, which it says it can issue in about 10 days. In preparation for its eventual public listing, the company merged its two business units, Figure Markets and Figure Technology Solutions, earlier this year.
It disclosed in filings a $29.3 million profit on $190.5 million in revenue as a private company through the first half of this year. For full-year 2024, it generated a profit of $17.2 million after posting a net loss of $47.94 million in the prior year.
Investors are eying other crypto IPOs in the works, namely crypto exchange Gemini‘s upcoming listing on Friday, which is reportedly 20x oversubscribed. Circle set the tone earlier this year, with a supersized IPO at an $18 billion valuation for the stablecoin issuer.
Featured image by Jenna O’Malley/PitchBook News
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