Shares of blockchain-based credit company Figure Technology Solutions Inc. are poised to open 36% above their IPO price, signaling strong demand in the crypto sector as the company raises $787.5 million in its initial public offering. The stock is indicated at $34 per share, surpassing the marketed range of $25 per share, after the sale of 31.5 million shares by the company and selling shareholders, including Ribbit Capital.

The IPO gives Figure Technology Solutions a market value of approximately $5.3 billion, up from a 2021 venture-backed valuation of $3.2 billion. The company is going public during a week that Bloomberg identifies as the busiest of the year for U.S. IPOs, which also features upcoming listings from crypto exchange Gemini Space Station Inc., co-founded by Cameron and Tyler Winklevoss.

Story Highlights:

• IPO Raised: $787.5 million

• Indicated Trading Price: $34 per share (36% above IPO)

• Market Valuation: $5.3 billion

• Founded: 2018 by Mike Cagney

• Business Focus: Blockchain-based loans, HELOCs, crypto-backed loans, digital asset exchange

• Technology Use: AI for loan evaluation (OpenAI), Google Gemini chatbot

• Financials: $29.1M net income on $190.6M revenue for six months ending June 30

• Key Investors: Ribbit Capital, DCM, Gemini Investments, Morgan Creek, Stanley Druckenmiller

• Stock Exchange: Nasdaq, symbol FIGR

Founded in 2018 by former SoFi CEO Mike Cagney, Figure Technology Solutions has focused on leveraging blockchain technology to modernize loans, particularly home equity lines of credit (HELOCs). CEO Michael Tannenbaum, appointed in 2024, emphasized the vast potential of the home equity market.

“We have a huge amount of runway and white space in what we do,” said Tannenbaum, referring to the $35 trillion of home equity outstanding in the U.S.

Tannenbaum also highlighted the unique role of blockchain loans in the company’s strategy. “Figure is unique in that we are an example of a company that adds real value with blockchain in the real world,” he said.

Figure Technology Solutions began with HELOC products and has expanded to offer crypto-backed loans and a digital asset exchange, with more than $16 billion in blockchain-funded loans to date. According to company filings, partner-branded HELOC loans originated or purchased by Figure in the six months ending June 30 had a weighted average FICO score of 756, compared with 749 for Figure-branded loans.

The company is also integrating artificial intelligence into its operations. Figure uses OpenAI technology to evaluate loan applications and a Google Gemini-powered chatbot to interact with customers, demonstrating the firm’s commitment to innovation in fintech.

Financial results reflect strong growth. Figure reported net income of $29.1 million on $190.6 million revenue for the six months ending June 30. This compares with a net loss of $15.6 million on $156 million revenue in the same period last year, highlighting the company’s expansion and profitability.

Investor interest remains strong. Billionaire Stanley Druckenmiller’s Duquesne Family Office indicated interest in purchasing up to $50 million in IPO shares. Other investors include affiliates of DCM, Ribbit, Gemini Investments, and Morgan Creek Capital Management. Founder Mike Cagney, through Class B shares carrying 10 votes each, is expected to maintain 68.6% of Figure’s voting power, ensuring continued influence over company decisions.

The IPO was led by Goldman Sachs, Jefferies, and Bank of America, with shares set to trade on the Nasdaq under the ticker FIGR. The listing comes at a time of growing optimism for blockchain-based lending platforms and signals confidence in the wider crypto sector IPO market.

As Figure Technology Solutions enters public markets, its emphasis on blockchain loans, AI integration, and high-quality customer lending positions it as a notable player in the intersection of traditional finance and emerging crypto technology.

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