Figure Boosts IPO Size and Pricing Amid Investor Appetite for Crypto Stocks
What Figure Announced
Figure Technologies, the San Francisco-based blockchain lender and stablecoin issuer, raised the size and price range of its upcoming U.S. IPO amid surging investor demand. The firm now plans to trade 31.5 million shares at $20 to $22 each, up from its earlier plan of 26 million shares at $18 to $20. At the top of the range, Figure would raise $693 million and reach a $4.66 billion valuation, making it the largest IPO to date for a U.S. blockchain-native lender relative to revenues.
Trading is slated to begin Thursday on the Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities are leading the deal, with billionaire Stanley Druckenmiller’s Duquesne Family Office pledging to purchase up to $50 million worth of shares. Bloomberg reported additional cornerstone interest from Middle Eastern , underscoring widening global demand for crypto-related equities.
Investor Takeaway
Why the Timing Favors Figure
The move comes amid political tailwinds and revived interest in digital assets. The Trump administration’s pro-crypto stance and the recent successful listings of Bullish and Circle have spurred enthusiasm. Bullish raised $1.1 billion in August, while Circle debuted at a $9 billion valuation — both viewed as green lights for other crypto firms to tap public markets.
Retail investors have been particularly active, driving strong demand for shares in crypto-adjacent companies. Analysts say the combination of into crypto ETFs is sustaining the IPO pipeline for blockchain-native finance firms like Figure.
Inside Figure’s Business Model
Founded in 2018 by fintech veteran Mike Cagney, Figure began by digitizing home equity lending. Its blockchain-based process reduces loan funding times to 10 days, compared to the industry average of 42. Since then, the firm has originated more than $8 billion in loans and expanded into digital asset trading and stablecoin infrastructure.
The company reported $412 million in revenue in the first half of 2025, up 46% year-on-year, and swung to a $29 million profit from a $13 million loss the year before. Much of this growth came from loan securitization and trading fees. Its stablecoin, Figure USD (FUSD), is used on the Provenance blockchain, which has processed more than $18 billion in transactions since launch.
Investor Takeaway
What’s Next for FIGR?
Analysts at JPMorgan estimate that if Figure’s IPO momentum mirrors Coinbase’s 2021 trajectory, the stock could trade at multiples implying a market cap above $6 billion within the first year. A successful debut would also set a new benchmark for blockchain lenders, potentially accelerating the push of similar firms into public markets.
For investors, Figure’s upsized deal offers exposure to a profitable, regulated blockchain finance firm at a time when sentiment toward the sector is improving. Whether FIGR can sustain growth beyond the initial surge will depend on scaling its loan origination, expanding stablecoin use, and maintaining credibility in a competitive digital finance landscape.
