In brief
- Figure Technologies and its investors raised $787.5 million through its IPO.
- It is among several crypto firms that have debuted on Wall Street this year.
- The market cap of Figure’s tokenized HELOC loans is $12.5 billion.
Blockchain lender Figure Technologies was set to begin trading on the Nasdaq on Thursday under the ticker symbol “FIGR” after raising $787.5 million through an initial public offering alongside existing investors, according to a press release.
The New York-based firm, which uses a blockchain-based platform to facilitate lending outside its traditional scope, sold 31.5 million shares at $25 apiece. The firm and its investors previously targeted a range of $20 to $22 per share for its IPO across 26 million shares. With 211 million in shares outstanding, the deal valued Figure at $5.29 billion.
The upsized IPO represented Wall Street’s latest reading on the crypto industry’s pulse, following the debut of crypto exchange Bullish and stablecoin issuer Circle earlier this year. Winklevoss-founded crypto exchange Gemini is set for its IPO on Friday.
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Author: André Beganski
