# Blockchain Lender Figure Raises $788M in IPO

*Author: Bankless*
*Published: Sep 11, 2025*
*Source: https://www.bankless.com/read/blockchain-lender-figure-raises-788m-in-ipo*

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Figure Technologies (FIGR) hit Nasdaq on Thursday after raising $787.5M in an upsized IPO, joining the ranks of crypto-linked firms now publicly listed. The deal values the company at $5.29B and comes amid heightened interest in tokenized real-world assets.

### What’s the Scoop?
- **IPO Details:** Figure sold 31.5M shares at $25 each — above the originally planned range of $20-$22 — while earlier backers also sold shares. The company itself raised $587M, with the rest going to existing investors.
- **Tokenized Lending Business:** Figure operates a blockchain-native lending platform and claims to be the largest non-bank home equity lender, with $16B in originated home loans.
- **Crypto-Backed Loans & DeFi Crossover:** Beyond home equity, Figure also facilitates crypto-collateralized lending, integrating traditional financial products with DeFi infrastructure.
- **Wall Street Embrace:** The offering is the latest in a string of crypto-linked IPOs. Bullish and Circle debuted earlier this year, while Gemini is scheduled to go public Friday.

### Bankless Take:
Nearly all of Figure lending activity (99%) comes from home equity lines of credits, making the business heavily correlated with broader economic conditions. Figure opened public market trading today at $36.01 and shares closed the day at $31.11, off the highs but 25% above the IPO price.

> Today, on IPO day, we rang the bell at [@Nasdaq](https://twitter.com/Nasdaq?ref_src=twsrc%5Etfw), a milestone that marks both progress and possibility.What began as an idea to reimagine capital markets through blockchain is becoming a reality with money moving faster, cheaper, and transparently. We’re just getting started. [pic.twitter.com/gkDdWCydNl](https://t.co/gkDdWCydNl)— Figure (@Figure) [September 11, 2025](https://twitter.com/Figure/status/1966165781064077781?ref_src=twsrc%5Etfw)
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