Shares of Blockchain Lender Figure Surge 24% Higher In First Day On Nasdaq

Shares of blockchain lender closed up 24.4% on Thursday, the company’s first day of trading following its initial public offering, which marked another public debut from a fintech this week.

The San Francisco-based company, which has built a blockchain-based platform for lending, trading and investing in consumer credit and digital assets, had set a price range for its IPO of $18 to $20 per share. Late Wednesday, it increased the price of its shares to $25.

Shares of Figure, which trades on the under the ticker symbol FIGR, closed at $31.11 on Thursday after trading as high as $37.08 during the day.

Figure raised about $787.5 million from the initial public offering.

At the time of its $200 million in 2021, the company was valued at $3.2 billion. Its market cap at the end of the day Thursday was about $5.4 billion.

More fintech IPOs predicted

Since its 2018 inception, the company has raised $1.5 billion venture and debt funding, per SA国际传媒 . Figure was 鈥淕AAP profitable鈥� in the fourth quarter of 2024, according to CEO , and 鈥淓BITDA in the most recent quarter was in the 40s margin.鈥�

鈥淪o I think we definitely have that rare combination of growth and margin,鈥� he told SA国际传媒 News in an interview.

The executive is clearly bullish on his 550-person company鈥檚 future.

鈥淲e’ve actually been building in the blockchain space since the beginning,鈥� Tannenbaum told SA国际传媒 News. 鈥淲e weren’t the first to put consumer loans on blockchain. We were the second. But we were the first to securitize them and to get them rated, and then to get that AAA rating.鈥�

He also acknowledges that there has been a significant increase in interest in tokenization, and claims that Figure is 鈥渢he market leader in tokenization of private credit.鈥�

鈥淥n the debt side, we do the most tokenization of anyone, with about 75% market share,鈥� Tannenbaum added.

, managing director of聽 and early Figure investor, told SA国际传媒 News via e-mail that he believes the company鈥檚 IPO speaks to the opening of the exit window, specifically for fintech offerings.

鈥淚 know in speaking with other fintech VCs that there is a sense that the industry itself has taken notice and I expect more IPOs to come over the coming quarters,鈥� he said.

Butler believes Figure is unique in that it provides a 鈥渞eal-world鈥� offering 鈥� the need for 鈥渆fficient and low-cost origination of HELOCs (home equity lines of credit) 鈥� as well as 鈥渁 platform underpinning that business that has already been built for and begun expanding into other use cases.鈥�

The open IPO market

Figure鈥檚 IPO follows a string of well-received venture-backed debuts, including the blockbuster market entry by design software provider , which saw shares triple in first-day trading (although they have come back down to earth since).

Fellow fintech made its public debut on Wednesday. The Swedish company鈥檚 stock climbed by about 16% in first-day trading.

Both IPOs also come amid renewed interest in investment in fintech startups, with multiple rounds above $100 million closing this year.

Overall, the IPO dam in fintech finally seems to have broken in 2025.

Since the beginning of the year, several companies in the fintech space have either gone public or filed to do so.

In early June, shares of closed up 168% at $83.29 in their first day of trading on the minting the stablecoin issuer with a market cap of around $16.7 billion and renewing hopes for an IPO market rebound. More recently, shares have traded in the $118 range.
Digital bank went public on June 12, and came out swinging. Chime鈥檚 shares shot up 37% in first-day trading on , closing at $37. Shares have traded around $23 in recent days.

Meanwhile, digital wealth management startup filed confidentially for a U.S. initial public offering on June 23. In early June, crypto exchange confidentially filed its own plans for a U.S. IPO. Its stock was also set to start trading this week. And also in June, expense management firm (formerly TripActions) also filed confidentially for a U.S. IPO.

SA国际传媒