Blockchain lender Figure soars 30% after Nasdaq debut, nears $6 billion valuation

Founded in 2018, Figure’s commercial centers on mortgage mode on Blockchain, which the company says is rushing to granting and financing household loans. From June 2024 to June of this year, it facilitated about $ 6 billion of loans, according to files with the Securities and Stock Exchange Committee. From January to June, the revenues of more than $ 190 million and about $ 30 million in net income.

“The public subscription is one step in a long process to bring Blockchain to all aspects of the capital markets,” Mike Kagney, founder and CEO of shape, wrote in a letter to investors in the company’s bulletin.

The appearance of Figure’s Nasdaq comes in the hot public subscription market – especially for encryption companies. In June, the Stablecoin Sedcoin circle was deployed in the public offering in the public subscription, which witnessed that the company raised more than a billion dollars and the market value jumped to nearly $ 80 billion in late June before it decreased to about 30 billion dollars.

After the success of Serkel, other encryption companies accumulated in public markets as encrypted currencies such as Bitcoin and Ethereum all over time. Crypto Exchange Bullish, led by the former New York Stock Exchange Tom Farley, was deployed in August. The market value is about $ 8.5 billion.

Others have indicated their intention to subscribe later this year. Gemini is scheduled to include the encryption that Tyler and Cameron Winkelvos were found on Friday. Grayscale, an ETF source that focuses on encryption, was provided with a public subscription in July. Kraken has long been reported, another encryption exchanged, considering entering public markets.

The number is the second public company, Mike Kagney, its foundations. He is also the founder and former CEO of Sofi, who was announced in 2021. Cagney Sophie left in 2017 after he became involved in a scandal for sexual harassment. in luck A conference in 2024, CAGNEY acknowledged the drama and said it gave the priority of the company’s culture when he established the figure.

“In Sophie, there was … I palated in our culture,” he said. “Thus I think with the shape, it is a ripening process. I expect to leave the market market better than we were able to leave the shape, so I think we are constantly learning.”

Correction, September 11, 2025A previous version of this article, I made a mistake in the role of Mike Kagni in the figure. He is the founder and CEO, not the CEO.