The company Figure Technology intends to appear on Nasdaq. A target valuation of around $4,000 million seems likely. The market anticipates a pickup in initial public offerings tied to crypto and fintech.
IPO Details
About 26.32 million shares will probably sell. A price range between $18 and $20 per share is likely. This could gather about $526 million before fees. The underwriters include Goldman Sachs, Jefferies along with BofA Securities. The expected ticker is FIGR on Nasdaq.
Business Model and Operations
Figure applies blockchain to loans – it tokenizes and helps the start and trade of the loans. A special focus exists on HELOCs (home equity lines of credit). The company reports starting more than $12.5 billion in HELOCs. It shows signs of recent operational profitability – this includes a positive result in the first half of 2025. Revenues then exceeded hundreds of millions. Tokenization allows the creation of private debt markets. The markets offer greater liquidity and traceability; they connect originators with institutional buyers.
Market Context and Risks
The offering arrives in an environment where investors compare elevated tech valuations with historical phases of excess. As an example, the dot com bubble presented such a phase. Figure presents good operating metrics. Regulatory, credit in addition to technology adoption risks persist. Success depends on the ability to maintain profitability – it also depends on control of credit risk. Operation within a regulatory framework that adjusts to asset tokenization is also necessary.
Potential Impact of the Listing
If the public listing succeeds, Figure could become a standard for blockchain based financial models. The models seek legitimacy in public markets. A successful IPO would support the perception that tokenized products can grow. They can also attract traditional capital. The transparency and traceability that blockchain offers reinforce principles of financial sovereignty. It also reinforces alternatives less dependent on banking intermediaries.
Figure’s proposal represents a trial for the convergence between fintech and crypto in public markets. A good debut would confirm tokenization as a tool for liquidity and efficiency. A weak performance would show the regulatory and valuation challenges facing the sector. For investors and regulators, the FIGR case will offer practical lessons – it will show how to integrate blockchain innovation without sacrificing financial discipline.