To The Moon

Figure Technology Solutions Soars 50%+ Intraday in IPO Debut

Stablecoin issuer $Figure Technology Solutions(FIGR)$   started trading on the NASDAQ on Thursday under the symbol FIGR, with shares surging over 50% at the open.

FIGR began trading shortly after 1 p.m. ET, surging to an intraday high of $38.05—marking a 52.2% jump from its $25 IPO price. The stock later pulled back to close at $31.11, up 24.4% on the day. Figure had previously increased the size and raised the price range of its initial public offering on Tuesday.

Co-founded in 2018 by technology entrepreneur Mike Cagney, Figure operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets.

Business Model

Figure's operating model goes beyond traditional lending institutions; it is essentially a fintech company driven by "SaaS + blockchain" technology. Initially, Figure focused on offering Home Equity Line of Credit (HELOC) products but has since established what it describes as a vertically integrated model that melds together origination, marketplace distribution and capital markets execution.

The company originates high-demand financial assets (primarily Home Equity Lines of Credit, or HELOCs), through its own loan department (Figure Branded) and an extensive network of partners (Partner Branded). These assets are then tokenized on its independently developed Provenance blockchain and are sold and financed through the Figure Connect capital markets platform. This process creates a powerful, self-reinforcing 'flywheel effect' that encompasses asset origination, liquidity creation, and fee generation.

The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days.

Financial Highlights

The prospectus shows that Figure's financial Status has just turned from loss to profit. In the first half of this year, the company achieved revenue of $190 million, compared to $156 million in the same period last year; the net profit was $29.12 million, whereas there was a net loss of $15.6 million in the same period last year.

Figure facilitated $5 billion in HELOCs in 2024, up 51% from 2023, accumulating more than $16 billion in cumulative originations since the product was launched in late 2018 to June 30, 2025 and achieving the #1 market share in the non-bank HELOC lending market in 2024, as reported by Home Equity Lending News.

Core Strengths and Opportunities

~Figure holds an absolute leading position in the on-chain private credit RWA (Real World Assets) field, with a market share exceeding 40% based on the volume of active loans.

~Figure possesses a range of proprietary technologies including the Provenance blockchain, DART (Digital Asset Registration Technology), and Figure Connect, which establish a significant technological first-mover advantage.

~As the fourth largest HELOC (Home Equity Line of Credit) lender in the United States, Figure has issued over $17 billion in HELOC loans and established a partnership network consisting of more than 170 institutions.

~Founder Mike Cagney successfully established SOFI, a company whose business model is still highly praised in the industry today.

Risk Factors

~High concentration and sensitivity to market fluctuations: The company's operations heavily depend on the U.S. real estate and HELOC markets, which are susceptible to fluctuations in interest rates and macroeconomic cycles, posing significant systemic risks.

~Regulatory uncertainty: The company's business operations are at the intersection of constantly evolving regulations in various fields such as digital assets, blockchain technology, and consumer credit, facing significant compliance and public opinion risks in different markets.

~The dual-class stock structure grants founder Mike Cagney approximately 90% of the voting rights, resulting in a high concentration of power that may conflict with the interests of public shareholders. His controversial departure from SoFi also carries reputational risk factors.

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