Figure (FIGR) shares closed at $31.11 on its Sept. 11 Nasdaq debut, gaining 24% from the $25 pre-sale price and establishing a $6.6 billion market cap with 211.66 million shares outstanding.
The blockchain-native lending platform reached an intraday peak of $36.13, representing a 44.5% surge, before settling at closing levels.
The debut proceeded without trading halts, contrasting with recent crypto IPOs, including Circle (CRCL) and American Bitcoin (ABTC), that faced volatility-driven suspensions.
Figure’s steady trading pattern reflected institutional confidence in the company’s tokenized credit model and established lending operations.
The company posted the milestone on X, stating:
“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.”
Competitive market position
Figure enters public markets as the smallest crypto firm by market cap among recent IPOs, trailing Bullish’s $8.04 billion, American Bitcoin’s $7.52 billion, Galaxy Digital’s $10.99 billion, and Circle’s $30.74 billion.
However, Figure maintains one of the lowest share counts at 211.66 million, with only Bullish issuing fewer shares at 148.91 million.
VanEck analyst Matthew Sigel projected Figure could double to $40 per share within 12 months in a Sept. 9 analysis.
He noted that FIGR has potential upside to $60-75 over 18-24 months based on adoption and margin expansion. The firm operates the first scaled institutional-grade on-chain lending platform with $12 billion in loans outstanding and approximately $750 million in monthly originations.
Figure’s blockchain-native securitization model provides operational efficiencies over traditional lending platforms.
Sigel pointed out that conventional AAA securitizations require 100% loan audits at $500 per loan.
However, Figure’s immutable loan-level data allows rating agencies to accept 25-30% sampling at $100 per loan, delivering approximately 100 basis points in lifecycle cost savings.
The company controls roughly 2.9% of the $406 billion US home equity line of credit market on a stock basis and approximately 10% of incremental flow.
Sigel estimated that Figure can sustain 30% revenue growth with 40% EBITDA margins, targeting $1.3 billion revenue and $520 million EBITDA by 2027.
The successful debut validates institutional demand for blockchain-enabled financial infrastructure while positioning Figure as a scaled player in tokenized credit markets.
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