Figure Technology Surges 24% in Nasdaq Debut After $788 Million IPO

Figure Technology Solutions, a blockchain-based lending platform, saw its shares close 24.44% above their $25 IPO price in its Nasdaq debut, raising $787.5 million. The stock opened at $36, a 44% premium, before settling at $31.11, giving the company a market cap of $6.6 billion.

Founded in 2018 by Mike Cagney and June Ou, Figure has processed over $50 billion in blockchain transactions and funded more than $17 billion in loans. The IPO underscores investor confidence in blockchain's potential to revolutionize financial services by reducing intermediation and processing times.

"This isn’t the finish line. It’s a step toward building a company that can help define the future of finance," Cagney said. The company aims to expand its blockchain infrastructure and MOVE debt, equity, and commodities markets on-chain.