Figure Stock Surges 24.4% in Nasdaq Debut Amid Crypto-Adjacent IPO Boom

Figure's stock soared 24.4% on its Nasdaq debut, opening at $36—a 44% premium to its offering price—before settling at $31 by market close. The fintech firm, which operates blockchain-based lending platform Figure Connect, priced its IPO above expectations at $26 per share, defying initial projections of $20-$22.

The listing rides a wave of successful crypto-adjacent debuts. Klarna Group gained 15% in its IPO, while Circle Internet Financial climbed 17.6% and Bullish exchange ROSE 2.6%. This momentum builds toward Gemini's anticipated Friday listing, signaling renewed institutional appetite for blockchain ventures.

"The IPO market's revival extends beyond AI hype," noted Michael Bayer of Babson College. "High-quality tech companies, particularly in fintech and blockchain, are finally accessing pent-up demand." The trend reflects Wall Street's growing embrace of crypto infrastructure plays amid broader market optimism.