Blockchain Lending Platform Figure Debuts with 24% Surge, Reaching $6.6 Billion Valuation Milestone
Figure's blockchain lending platform just shook traditional finance—posting a stunning 24% debut gain and hitting a $6.6 billion valuation out the gate.
How Blockchain is Rewriting the Lending Playbook
No banks. No delays. Just pure algorithmic efficiency slicing through legacy red tape. The platform’s debut surge signals more than investor hype—it’s a direct challenge to the sluggish, paperwork-clogged world of conventional lending.
Why $6.6B Isn’t Just Another Number
That valuation isn’t play money. It’s proof that decentralized finance can scale—and that institutional players are finally paying attention, even if some still think 'blockchain' is a type of bike lock.
Welcome to the future of lending—where code replaces intermediaries, speed beats bureaucracy, and yes, even traditional bankers might have to crack open a crypto whitepaper. Finally.
Competitive market position
Figure enters public markets as the smallest crypto firm by market cap among recent IPOs, trailing Bullish’s $8.04 billion, American Bitcoin’s $7.52 billion, Galaxy Digital’s $10.99 billion, and Circle’s $30.74 billion.
However, Figure maintains one of the lowest share counts at 211.66 million, with only Bullish issuing fewer shares at 148.91 million.
VanEck analyst Matthew Sigel projected Figure could double to $40 per share within 12 months in a Sept. 9 analysis.
He noted that FIGR has potential upside to $60-75 over 18-24 months based on adoption and margin expansion. The firm operates the first scaled institutional-grade on-chain lending platform with $12 billion in loans outstanding and approximately $750 million in monthly originations.
Figure’s blockchain-native securitization model provides operational efficiencies over traditional lending platforms.
Sigel pointed out that conventional AAA securitizations require 100% loan audits at $500 per loan.
However, Figure’s Immutable loan-level data allows rating agencies to accept 25-30% sampling at $100 per loan, delivering approximately 100 basis points in lifecycle cost savings.
The company controls roughly 2.9% of the $406 billion US home equity line of credit market on a stock basis and approximately 10% of incremental flow.
Sigel estimated that Figure can sustain 30% revenue growth with 40% EBITDA margins, targeting $1.3 billion revenue and $520 million EBITDA by 2027.
The successful debut validates institutional demand for blockchain-enabled financial infrastructure while positioning Figure as a scaled player in tokenized credit markets.
