Blockchain-based lender Figure shares start to trade after IPO

Shares of Figure Technology Solutions, which operates a blockchain-based consumer lending platform, became available today, September 11, on the Freedom trading app. Later today, the shares will be listed on the Nasdaq under the ticker FIGR.US. The company has also rebranded from its previous name, FT Intermediate.

Figure, which leverages blockchain technology to connect lenders and borrowers of home loans, raised $787.50 million in an IPO yesterday, September 10, selling 31.50 million shares at $25.00 per share, well above its previously increased range of $20.00-22.00 per share. The deal valued the company at $5.29 billion. Lead underwriters included Goldman Sachs, Jefferies, and BofA Securities, joined by Société Générale, Keefe, Bruyette & Woods (a Stifel company), and Mizuho. 

On Tuesday, September 9, Figure raised the number of shares offered to 31.5 million from 26.0 million.  

According to the IPO filing with the U.S. SEC on August 18, the proceeds will be used to increase its capitalization, provide financial flexibility, create a public market for its class A common stock, and to increase the visibility of its lending ecosystem. 

The proceeds may also be used for general corporate purposes, including working capital, operating expenses, and capital expenditures. The company may also use a portion of the proceeds to acquire or invest in businesses, products, services, or technologies. But it does not have any such agreements or commitment for material acquisitions at this time.

Following the listing, the company will have two share classes: class A with one vote per share and class B with 10 votes per share.

Figure Technology Solutions was cofounded in 2018 by Mike Cagney, who was part of the team that started SoFi Techologies Inc. Meanwhile, a 2021 venture-backed funding round valued the company at $3.2 billion. Figure tapped Michael Tannenbaum as CEO in 2024.  

Figure's revenue is currently "substantially derived" from its home equity line of credit offering ("HELOC") and its LOS (loan origination system) technology offering, the filing said. Its risk factors include its HELOC product's susceptibility to fluctuations in the HELOC market, Seeking Alpha writes.

Beyond originating loans directly, Figure is building out a partnership model. The company enables mortgage lenders, servicers, banks, brokers and credit unions to use its proprietary technology to originate and distribute loans on their own platforms.

Over time, Figure has developed a vertically integrated suite of blockchain-based solutions designed to support marketplaces across lending, trading, and digital assets. Its fastest-growing component is Democratized Prime, its on-chain lend-borrow marketplace. Since its launch, Figure it has originated over $16 billion in blockchain-based loans and completed over $50 billion worth of on-chain transactions, according to its IPO filing.

In AI, Figure is using OpenAI Inc.’s technology to help evaluate loan applications, and a chatbot powered by Alphabet Inc.’s Google Gemini.

For the six months ended June 30, Figure reported revenue of $190.6 million versus $156 million a year earlier. Net income totaled $29 million and adjusted EBITDA $83 million, with an accumulated deficit of $292 million and total stockholders’ equity of $404 million.

Freedom set a target price of $28.30 per share for Figure ahead of its IPO. Based on the actual offering price of $25.00 per share, Freedom sees upside of roughly 13%, according to a note by analyst Alem Bektemirov (seen by Oninvest).

Bektemirov cautioned, however, that one of the key risks for the company is its reliance on a limited group of partners. The top 10 partners accounted for 57% of lending volume in the first half of 2025 and 52% in 2024. Failure to retain these clients or attract new ones could weigh on future revenue.

Additional risks are tied to product development. While Figure has been actively expanding its range of blockchain-based financial solutions, some may prove less successful over time, which could also pressure business performance and financial results, Bektemirov noted.

The company is growing revenue and has achieved profitability, but it has ambitious and likely costly plans to expand into new asset classes and DeFi, which will require substantial new capital, Donovan Jones, an IPO expert with more than 25 years of experience, wrote on Seeking Alpha. The digital lending market is large and expected to grow rapidly in the coming years, so Figure enjoys strong industry tailwinds. However, because the company has crypto assets on its balance sheet, it is prone to volatility, Jones warned.

FT Intermediate's IPO joins a flurry of crypto companies eyeing a public debut under the crypto-friendly Trump administration and following a blockbuster IPO from stablecoin issuer Circle Internet Group, Cointelegraph notes.

Multiple crypto companies have debuted or filed to go public in the U.S. in recent weeks, with crypto exchange and CoinDesk owner Bullish listing on the New York Stock Exchange on August 13, which saw its stock soar over 200%. Crypto exchange Gemini has also recently filed for an IPO

Crypto custodian BitGo and crypto ETF issuer Grayscale, while crypto exchange Kraken has long been rumored to be going public next year, Cointelegraph noted.

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Freedom Broker clients will be able to trade Figure shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the ticker FIGR.US on the Freedom platform.

The AI translation of this story was reviewed by a human editor.