Blockchain Lender Figure Surges Past IPO Target With $787.5M Raise

Figure Technology Solutions Inc., a blockchain-focused lending platform, has defied expectations with a $787.5 million initial public offering. The San Francisco-based firm priced shares at $25 apiece, surpassing its marketed range and achieving a $5.3 billion valuation. Strong investor demand forced Figure to increase both the size and price of its offering days before listing.

The company, founded by ex-SoFi CEO Mike Cagney, has processed over $16 billion in blockchain-based loans since 2018. Now under CEO Michael Tannenbaum's leadership, Figure reached profitability in 2025 following a $3.2 billion valuation during its 2021 funding round. The IPO arrives during 2025's busiest week for US listings, with digital finance firms dominating market activity.

Wall Street's appetite for blockchain ventures appears robust—Klarna's 15% post-debut surge and Gemini Space Station's concurrent listing underscore the trend. Figure's success demonstrates institutional confidence in blockchain's ability to transform traditional lending processes.