Figure debuts with 24% gain as blockchain lending platform achieves $6.6 billion valuation
Figure (FIGR) shares closed at $31.11 on its Sept. 11 Nasdaq debut, gaining 24% from the $25 pre-sale value and establishing a $6.6 billion market cap with 211.66 million shares excellent.
The blockchain-native lending platform reached an intraday peak of $36.13, representing a 44.5% surge, earlier than settling at closing ranges.
The debut proceeded with out buying and selling halts, contrasting with recent crypto IPOs, together with Circle (CRCL) and American Bitcoin (ABTC), that confronted volatility-driven suspensions.
Figure’s regular buying and selling sample mirrored institutional confidence within the firm’s tokenized credit score mannequin and established lending operations.
The firm posted the milestone on X, stating:
“What started as an concept to reimagine capital markets by means of blockchain is turning into a actuality with cash transferring sooner, cheaper, and transparently. We’re simply getting began.”
Competitive market place
Figure enters public markets as the smallest crypto agency by market cap amongst latest 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 many lowest share counts at 211.66 million, with solely Bullish issuing fewer shares at 148.91 million.
VanEck analyst Matthew Sigel projected Figure might double to $40 per share inside 12 months in a Sept. 9 analysis.
He famous that FIGR has potential upside to $60-75 over 18-24 months primarily based on adoption and margin enlargement. The agency operates the primary scaled institutional-grade on-chain lending platform with $12 billion in loans excellent and roughly $750 million in month-to-month originations.
Figure’s blockchain-native securitization mannequin gives operational efficiencies over conventional lending platforms.
Sigel identified that standard AAA securitizations require 100% mortgage audits at $500 per mortgage.
However, Figure’s immutable loan-level information permits score businesses to simply accept 25-30% sampling at $100 per mortgage, delivering roughly 100 foundation factors in lifecycle price financial savings.
The firm controls roughly 2.9% of the $406 billion US residence fairness line of credit score market on a inventory foundation and roughly 10% of incremental movement.
Sigel estimated that Figure can maintain 30% income development with 40% EBITDA margins, focusing on $1.3 billion income and $520 million EBITDA by 2027.
The profitable debut validates institutional demand for blockchain-enabled monetary infrastructure whereas positioning Figure as a scaled participant in tokenized credit score markets.
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