Figure Takes in $787 Million After Pricing IPO at $25 Per Share

Company Overview - Figure Technology Solutions has increased the pricing of its initial public offering (IPO) to $25 per share, up from an earlier range of $20 to $22 per share [2] - The company sold 31.5 million shares, raising $787 million and achieving a valuation of $5.3 billion [2] Business Model and Strategy - Founded in 2018, Figure initially focused on home equity lending but has since developed a vertically integrated model that combines origination, marketplace distribution, and capital markets execution [2] - The company plans to expand into a broader range of credit products and develop marketplaces for digital assets and stablecoins [3] - Management believes that AI-driven automation and blockchain transparency can eliminate inefficiencies in lending markets, providing faster and more accessible credit [3] Market Context - The IPO occurs amid a growing interest in the digital asset space, supported by a pro-crypto presidential administration in the U.S. [5] - The success of other companies in the crypto sector, such as Bullish and Circle, indicates a cultural and economic shift towards institutional acceptance of cryptocurrencies [6] - Other firms, including Gemini and CoinShares, are also planning public market entries, reflecting a broader trend in the industry [6][7]