Figure stock surged 24.44% on its Nasdaq debut

Figure launched on the Nasdaq and popped up 24.44% on its first day of trading. The IPO priced at $25 per share, pulling in $787.5 million, and valuing the company at just under $6.6 billion.

The stock opened at $36, a full 44% jump from the offering price, before cooling to close at around $31 by the end of the session, according to data from Yahoo Finance.

The offering price landed above expectations, which were originally set between $20 and $22. The company now joins a growing list of crypto-adjacent unicorns taking advantage of a red-hot IPO environment.

Wall Street has been in rally mode, and investor appetite for blockchain, lending, and fintech plays is clearly wide open.

Other crypto IPOs push momentum ahead of Gemini’s debut

But Figure isn’t flying solo here. Klarna Group (a buy-now, pay-later lending firm) jumped 15% in its own IPO debut the day before. Then there’s Circle Internet Group, up 17.6%, and Bullish, a crypto exchange that rose 2.6%.

Figma, the design software company, also entered the market recently with a solid listing. And now, all eyes are on Gemini, the crypto exchange founded by the Winklevoss twins, which is expected to start trading on Friday, as Cryptopolitan just reported.

“We are seeing optimism return to the IPO markets and it’s broader than just the AI theme,” said Michael Bayer, an adjunct finance lecturer at Babson College and CFO of Wasabi Technologies. “It feels like there is a substantial backlog of really high quality tech companies.”

Figure sits squarely in that mix. The company runs Figure Connect, a blockchain-powered platform for matching buyers and sellers of home-equity loans (aka Helocs). But it’s not just loans. Figure also operates a digital asset exchange where users can trade Bitcoin, Ethereum, and other major tokens.

Revenue surges, crypto trading grows, and major investors circle in

Unlike many new listings that are still burning cash, Figure is already printing money. It pulled in $340.9 million in revenue last year, up 63% from 2023, flipping a $52.4 million loss into a $19.9 million profit.

In just the first half of 2025, revenue jumped another 22% to $190.6 million, and Figure booked $29.4 million in net income. That’s a big swing.

CEO Michael Tannenbaum told Barron’s that mortgage companies, banks, credit unions, and tech firms are already using Figure’s tech to generate loans faster and more efficiently. “We’re helping to add a lot of liquidity into these consumer markets,” he said. He added that the company is “excited about the opportunities that growth could unlock.”

That growth story is pulling in big names. Legendary investor Stanley Druckenmiller’s Duquesne Family Office plans to buy up to $50 million worth of Figure stock at the offering price. Tannenbaum told Barron’s that “Stan and Duquesne are amazing investors” and are drawn to the “democratized and decentralized aspect of us as a lender.”

Figure’s whole pitch is about speeding up lending while cutting out friction. It makes money from fees (for originating and servicing loans), interest income, and selling off Heloc loans. That mix of revenue streams is making it look like one of the few stablecoin-adjacent plays with actual fundamentals.

Don Butler, managing director at Thomvest Ventures, backed Figure early. He said his firm invested back in May 2018, not long after Mike Cagney, the co-founder and now executive chairman, left SoFi to start Figure. Thomvest had also been an early investor in SoFi.

“Figure can drive efficiencies through the blockchain,” Butler told Barron’s. “They will likely continue to build organically and do acquisitions.” He said they’re especially bullish on the idea that Figure will expand beyond Helocs into mortgages and other consumer lending products.

Meanwhile, Nasdaq is investing $50 million in Gemini, and Wellington plans to buy $100 million worth of shares in Via Transportation, a public transit software firm that’s also hitting the market Friday.

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