September 15, 2025
By Anjali Kochhar
Figure Technology Solutions, a blockchain lender that combines crypto and housing finance, reached a valuation of about 7.62 billion US dollars after its stock price soared 44 percent in its Nasdaq debut.
The company’s shares opened at 44 dollars each on the first day of trading, well above its offer price of 25 dollars. In its initial public offering, Figure raised 787.5 million dollars by selling 31.5 million shares, after increasing its expected pricing range from an earlier forecast of 20 to 22 dollars per share.
Figure was founded in 2018 by Mike Cagney, who also co-founded SoFi Technologies. The company operates the Provenance blockchain platform, which is designed to originate, verify, and process home equity loans. Over the 12 months ending June 30, Figure processed about 6 billion dollars in home equity lending, reflecting a 29 percent increase compared to the previous year.
The company’s blockchain tools are gaining adoption in the financial sector. According to Figure, 10 of the top 20 mortgage companies use its technology to originate loans. Early investor DCM Ventures noted that more than 20 major banks are already relying on the Provenance blockchain to handle parts of their lending operations.
The strong performance of Figure’s listing highlights renewed enthusiasm in the U.S. IPO market, particularly for crypto-related firms. Investor interest in blockchain and fintech companies has been growing despite concerns about regulation and the broader economic outlook.
Still, executives have been cautious about overhyping the potential of blockchain in financial services. Mike Cagney has stressed that while blockchain offers efficiencies and transparency, the industry must balance innovation with sound risk management. He noted that blockchain has at times damaged its reputation due to speculative practices, and emphasised that Figure is focusing on real-world financial applications rather than speculation.
The debut places Figure among the most valuable blockchain-based financial companies currently listed in the United States. Analysts say its rapid rise reflects both strong demand for technology-driven lending solutions and increasing investor appetite for credible blockchain use cases in mainstream finance.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
