tl;dr
Figure's Nasdaq debut saw its shares rise 24% to $31.11, achieving a $6.6 billion market cap. The blockchain-based lending platform demonstrated stability in trading, contrasting with recent crypto IPOs. Its tokenized credit model, leveraging blockchain for efficiency, reduces costs in loan securi...
Figure’s Nasdaq debut has sent ripples through the crypto world, with its shares surging 24% on day one to close at $31.11—a far cry from its $25 pre-sale price. The blockchain-native lending platform’s $6.6 billion market cap, fueled by 211.66 million shares outstanding, marks a bold entrance into public markets. But what really caught investors’ attention was its steady trading, avoiding the volatility-driven halts that plagued recent crypto IPOs like Circle and American Bitcoin. This stability hinted at something deeper: institutional confidence in Figure’s tokenized credit model.
The company’s journey from a “reimagined capital markets” idea to a reality with $12 billion in loans outstanding isn’t just impressive—it’s a testament to its operational scale. Unlike traditional lending platforms, where AAA securitizations demand exhaustive audits at $500 per loan, Figure’s immutable blockchain data cuts costs dramatically. Rating agencies can now sample 25-30% of loans at $100 per loan, saving around 100 basis points in lifecycle costs. That’s not just efficiency; it’s a game-changer in an industry where friction often stifles growth.
VanEck analyst Matthew Sigel’s projections paint an even brighter picture. He sees FIGR hitting $40 per share within a year and potentially $60-75 over 18-24 months, driven by adoption and margin expansion. With $750 million in monthly loan originations, Figure isn’t just a disruptor—it’s a scaled player in tokenized credit markets. Its 2.9% stake in the $406 billion U.S. home equity line of credit market may seem modest now, but the company’s 10% share of incremental flow suggests it’s already capturing a meaningful chunk of the action.
Yet, Figure’s IPO isn’t without challenges. At $6.6 billion, it’s the smallest among recent crypto IPOs, trailing behind giants like Circle ($30.74 billion) and Galaxy Digital ($10.99 billion). But its low share count—211.66 million, second only to Bullish’s 148.91 million—could work in its favor. Sigel’s estimates of 30% revenue growth and 40% EBITDA margins by 2027, targeting $1.3 billion in revenue and $520 million in EBITDA, hinge on maintaining this edge.
The road ahead isn’t without hurdles. Competing with established players in a market still wary of crypto’s volatility will require Figure to prove its model’s resilience. But for now, its debut is a validation of blockchain’s potential to reshape finance—making capital move faster, cheaper, and transparently. As Figure’s team celebrates, the question remains: Can this momentum translate into lasting value, or will the crypto winter test its mettle?