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.”
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.
