Key Takeaways:
- Stablecoin issuer Figure went live on Nasdaq today.
- The firm welcomed heavyweight investors like Goldman Sachs and Bank of America.
- Mike Cagney, co-founder of Figure, believes this is just a step in the process and not the end game.
Figure Technology, a stablecoin company, went public on Wall Street this week, raising $787.5 million in its initial public offering (IPO). The company, with its headquarters in New York, sold 31.5 million shares at $25 per share, which is higher than the previously planned price of between $20-22 per share.
The blockchain company has placed a valuation of the blockchain-based lender at 5.29 billion. Initially, Figure had intended to issue 26 million shares; however, the deal was scaled up because of strong investor interest. The company is now live on Nasdaq under the ticker symbol ‘FIGR’.
Goldman Sachs, Bank of America (BofA), and Jefferies were the key leaders of the IPO, which was an indication that the company had heavyweight backing in the market entry.
Figure Co-Founder Mike Cagney Opens Up
In an interview with CNBC amid the IPO debut, Mike Cagney, the co-founder and executive chairman of Figure, termed the offering as one part of the overall mission of the company to remodel financial services with blockchain.
“Figure is a blockchain company. We’re using blockchain to change how capital markets work,” Cagney said. In the monetary transaction, he held that the technology will substitute the intermediation levels with what he terms the “truth over trust,” which will entail the minimization of the number of middlemen involved in the transaction.
As Cagney noted, the traditional systems, such as the equity markets and debit card payments, use many intermediaries between the buyer and seller. Blockchain, he observed, can enable a direct peer-to-peer settlement and save costs and enhance efficiency. “These transactions represent trillions of dollars of market capitalization,” he said. It implies that the way money moves around the world can be rewired by the model at Figure.
Company’s Growth and Profitability Aspects
Figure was founded in 2018, starting with home equity loans financed by the blockchain rails, which they asserted would be quicker and cheaper to the borrower. The company boasts of a platform that cuts down the loan financing period to 10 days, as compared to the industry average of 42.
To date, Figure has completed more than $16 billion in loan originations and over 55 billion transactions in blockchains. Notably, Cagney emphasized that the borrower might not even know that blockchain is used – all they can see is lower rates and faster turnaround.
The company has recorded good financial results. Figure received a 2023 revenue of $350 million and EBITDA of more than $100 million. In a study by Cagney, before interest, taxes, depreciation and amortization, earnings increased by over 66% in the first half of 2025 in terms of annualized. “It’s a rare combination of a young company that is profitable and scaling quickly,” he said.
What Comes Next?
Cagney ruled out the thought that going public was a conclusion. “This is a step in the process, not the end game,” he said. He also noted that the flexibility of public capital will enable Figure to grow its products and selective consolidation in the crypto and blockchain industry.
His dream is one day to start a blockchain-native public equity, a stock that is not exchanged by the Depository Trust and Clearing Corporation (DTCC) and Nasdaq but directly on a decentralized exchange. A model like this, he said, would enable investors to self-custody shares and have a direct command over stock lending, without prime brokers in the transaction.
In the future, Cagney predicted that blockchain was going to be more disruptive than any other financial technology. He also cautioned about the spill-over effects of adopting stablecoins that would divert trillions of dollars of bank revenues. “You have an entirely new paradigm in banking,” he said.
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