Figure Prices IPO at $25, Targets $5.3B Valuation on Nasdaq

Key Notes

• Figure Technology Solutions priced its IPO at $25 per share, aiming to raise approximately $787.5 million.
• The company is set to begin trading on the Nasdaq on Sept.
• 11 under the ticker symbol ‘FIGR’.
• The final price is higher than initial estimates, valuing the company at roughly $5.3 billion.

Blockchain lending company Figure Technology Solutions, which saw the SEC approve its interest-bearing stablecoin in February 2025, has officially priced its initial public offering. The firm, led by SoFi co-founder Mike Cagney, set its price at $25.00 per share for an offering of 31,500,000 shares of its Class A common stock,

The shares are expected to begin trading on the Nasdaq Global Select Market today, Sept. 11, 2025. The company’s registration statement was declared effective by the Securities and Exchange Commission on Sept. 10. According to the company’s press release, the offering is scheduled to close on Sept. 12, 2025, subject to customary closing conditions. The stock will trade under the ticker symbol ‘FIGR’.

The offering is composed of 23,506,605 shares from Figure and 7,993,395 shares from certain existing stockholders. Figure noted it will not receive any proceeds from the shares sold by the selling stockholders. Figure also granted underwriters a 30-day option to purchase up to 4.7 million additional shares at the IPO price.

The final IPO price of $25 per share is higher than the company’s initial estimates. An S-1 filing earlier with the Securities and Exchange Commission indicated a price range between $20 and $22 per share, according to The Block. This strong pricing places Figure’s valuation at approximately $5.3 billion, with over 211 million total shares expected to be outstanding after the offering.

With its public listing, Figure Technology Solutions joins the growing 2025 crypto IPO wave, which has seen several blockchain-related firms go public. Other notable companies in the space include the landmark Coinbase direct listing and the recent Circle IPO. Reports suggest other major firms like Kraken and Grayscale are also eyeing public listings.

Figure Technology Solutions operates a blockchain-native marketplace focused on capital markets. The company reports that its ecosystem is the largest non-bank provider of home equity financing, having originated over $16 billion in loans to date. Its platform includes services for loan origination, asset custody, and connecting partners with funding.

The offering is being managed by several major financial institutions. Goldman Sachs & Co. LLC, Jefferies, and BofA Securities are acting as the joint lead bookrunning managers for the deal.

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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.

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