Figure Technologies IPO debuted on Nasdaq this September, selling 31.5 million shares at $25 apiece under the ticker FIGR. The sale raised $787.5 million, with Figure Technologies receiving roughly $587 million to scale its tokenized home equity business. Led by Goldman Sachs and Bank of America Securities as underwriters, the offering positions the firm to expand crypto-backed lending built on the Provenance blockchain.
FIGR listing details
Figure Technologies’ Nasdaq IPO marked a high-profile entry for a blockchain-native lender looking to bridge traditional finance and DeFi. The FIGR listing raised capital that the company says will support growth of its HELOC token program and drive broader adoption of tokenization for private credit. The Nasdaq IPO lands amid a wider wave of crypto-related IPOs that have pushed institutional eyes toward tokenized assets.
Blockchain-powered HELOCs
At the product level, Figure tokenizes home equity lines of credit (HELOC) to speed approvals and settlement. Using Provenance blockchain infrastructure, the company converts HELOC installments into tradable on-chain loans, creating a new class of crypto-backed lending instruments. Tokenization lets Figure offer transparency and faster funding compared with legacy bank processes.
Market underwriters role
Underwriters matter in large public offerings, and Goldman Sachs plus Bank of America Securities played lead roles in syndicating and pricing FIGR. Their involvement helped signal institutional confidence and provided distribution to both retail and institutional investors. For Figure Technologies, experienced underwriters ease the path from private balance-sheet lending to public markets.
Provenance tokenization plan
Figure plans to use IPO proceeds to deepen its tokenization roadmap and scale originations. The Provenance blockchain underpins custody, settlement, and smart-contract logic for HELOC tokens. By focusing on tokenization best practices, Figure aims to keep on-chain loans compliant and market-ready while attracting liquidity from crypto and traditional investors.
On-chain loans growth
Figure already reports roughly $11.7 billion in on-chain loans outstanding, making its HELOC tokens some of the largest crypto assets by market cap in private credit. The Nasdaq IPO proceeds could accelerate origination platforms and partnerships that boost secondary market activity for tokenized HELOCs and related crypto-backed lending instruments.
Crypto-related IPOs wave
Figure’s listing joins other recent crypto-related IPOs and signals investor appetite for companies that marry blockchain infrastructure with real-world finance. The success of FIGR will be watched closely as a test case: can tokenization and Provenance blockchain rails scale home equity lending while maintaining regulatory clarity and investor protections?
Investor takeaways
For investors, the Figure Technologies IPO offers exposure to both mortgage-style credit and blockchain innovation. Key risks include credit performance of HELOC pools, regulatory scrutiny of tokenized securities, and market reception post-IPO. Benefits include potential yield diversification from on-chain loans and participation in an emerging crypto-backed lending franchise supported by major underwriters.
Frequently asked questions about Figure Technologies IPO (FAQ)
Q: What ticker did Figure Technologies use for its Nasdaq IPO?
A: Figure listed under the ticker FIGR on the Nasdaq exchange.
Q: How much did Figure raise in its IPO?
A: The company sold 31.5 million shares at $25 each, raising $787.5 million in total; Figure received approximately $587 million.
Q: What technology powers Figure’s HELOC tokenization?
A: Figure uses the Provenance blockchain to tokenize HELOCs and manage on-chain loans and settlement.
Q: Who were the lead underwriters for the offering?
A: Goldman Sachs and Bank of America Securities served as lead underwriters for the IPO.
Q: Why does Figure use tokenization for home equity lending?
A: Tokenization aims to speed loan approvals and funding, improve transparency for investors, and create tradable on-chain loans to open new liquidity channels.
Sources to this article
Inoreader (2025) ‘Figure Technologies Nasdaq IPO’, Inoreader.
