作者：李丹，华尔街见闻 按发行价计算，Figure上市后估值为53亿美元，以开盘价计算则达到76亿美元，到收盘，公司市值约 65.7亿美元。这一估值远超该司2021年风险投资轮次的32亿美元估值。 Figure的上市标志着加密货币领域企业拥抱公开市场的趋势延续。本周被视为美国今年IPO交易最繁忙 的一周。继Figure之后，亿万富翁Cameron和Tyler Winklevoss兄弟领导的知名加密货币交易所Gemini Space Station Inc.将于周五在纳斯达克上市。 Figure股价的强劲表现反映出投资者对基本面扎实的区块链公司持续兴趣，该公司已实现盈利，并在房 屋净值贷款等实际业务中应用区块链技术。 盈利能力稳步提升的区块链借贷平台 Figure成立于2018年，由前SoFi Technologies首席执行官Mike Cagney联合创立。公司开发区块链技术以 促进包括房屋净值信贷额度在内的贷款业务，目前已在区块链上资助超过160亿美元贷款。 递交监管方的文件显示，Figure的财务业绩稳健，今年上半年扭亏为盈，营收同比增长22%。 截至6月30日的六个月内，Figure实现净利润2910万 ...

Core Viewpoint - The successful IPO of Figure Technology Solutions Inc. marks a continuation of the trend of cryptocurrency-related companies entering the public market, reflecting strong investor interest in blockchain-based firms with solid fundamentals [1][3][7]. Group 1: Company Overview - Figure Technology Solutions Inc. debuted on NASDAQ under the ticker FIGR, opening at $36, a 44% increase from its IPO price of $25, and closing at $31.11, up 24.4% [1][2]. - The company raised $787.5 million by issuing 31.5 million shares, exceeding the initial offering of 26.65 million shares due to strong demand [2][7]. - Figure's market capitalization reached approximately $6.49 billion at the close of its first trading day, with a valuation of $5.3 billion based on the IPO price and $7.6 billion based on the opening price [3][4]. Group 2: Financial Performance - For the first half of the year, Figure reported a net profit of $29.1 million and revenue of $190.6 million, compared to a net loss of $15.6 million and revenue of $156 million in the same period last year [4]. - The company anticipates a full-year revenue of $341 million and a net profit of $17.2 million for 2024, a significant improvement from 2023's projected revenue of $209.6 million and a net loss of $47.9 million [4]. - Figure facilitated approximately $6 billion in home equity loans over the past 12 months, marking a 29% year-over-year increase [4]. Group 3: Market Position and Technology - Figure utilizes blockchain technology to enhance its lending operations, having funded over $16 billion in loans since its inception in 2018 [3][4]. - The company claims to be the largest player in the public blockchain space for real-world assets, with significant adoption among major mortgage lenders [5][6]. - The CEO emphasized the practical value of blockchain in financial services, aiming to simplify transactions by reducing the number of intermediaries involved [5][6]. Group 4: Industry Trends - The IPO of Figure is part of a broader trend of cryptocurrency and blockchain companies seeking public listings, with more IPOs expected, including the notable Gemini exchange [3][7]. - The demand for Figure's IPO led to an increase in the share count and pricing range, indicating strong market interest in blockchain-related investments [7][8].

Core Viewpoint - The company is going public with an IPO priced at $25, amidst significant interest due to its innovative use of blockchain technology in loan origination and the retention of founder control, which is believed to enhance performance [1][4]. Company Strategy - The company has originated over $17 billion in loans on public blockchain and completed over $55 billion in transactions, demonstrating rapid growth despite regulatory challenges [4]. - The focus is on leveraging blockchain for real-world assets, with plans to expand into equities as the next major area of growth [6][5]. - The company aims to conduct a second issuance of stock native to blockchain, which is expected to introduce efficiencies and liquidity benefits [7]. Market Position - The company positions itself as a leader in the blockchain space, akin to the "magnificent seven" of Web 2.0, and is excited about the potential of tokenized real-world assets [5]. - It emphasizes the importance of retail investors, having allocated a significant portion of the IPO to them, while also recognizing the critical role of institutional partners [9]. Competitive Advantage - The company has built a unique liquidity ecosystem called "figure Connect," allowing originators to access capital outside traditional channels, which is seen as a significant competitive moat [11]. - The anticipated impact of the Stablecoin Act is expected to stress traditional banks, creating opportunities for blockchain and decentralized finance to fill the void [12][13]. Resilience and Future Outlook - The company claims to be somewhat insulated from the volatility of crypto markets, focusing on the transactional efficiency and liquidity benefits of blockchain [15]. - It plans to raise capital for potential acquisitions in the blockchain space, which is viewed as an area ripe for consolidation [16][17].

智通财经APP获悉，据报道，由于市场需求旺盛，区块链借贷平台Figure(FIGR.US)的首次公开募股 (IPO)定价将高于此前上调后的20至22美元发行价区间。Figure定于周四在纳斯达克上市，股票代码 为"FIGR"。 据悉，Figure构建了一套垂直整合的区块链解决方案体系，为其旗下各类市场业务提供技术支撑，涵盖 消费信贷、数字资产等领域的借贷、交易及投资活动。其差异化基础设施的核心根基建立在房屋净值信 贷额度(HELOC)市场。 Figure成立于2018年，截至2025年6月30日的12个月内，公司营收为3.75亿美元。 此前有媒体报道称，Figure正在考虑以每股20至22美元的价格发行3150万股股票，而此前的目标是发行 2630万股股票，发行价区间为每股18至20美元。 据报道，在美东时间周二下午4点时，此次IPO就获得了数倍超额认购。 ...

Group 1 - Figure Technology Solutions has increased its IPO fundraising target to $662 million by offering 31.5 million shares at a price range of $20 to $22 per share, up from the previous plan of 26.3 million shares at $18 to $20 per share [1][2] - The new investor, Duquesne Family Office, plans to purchase $50 million worth of shares, representing 8% of the total fundraising amount [1] - The adjusted fundraising amount is 32% higher than previously expected based on the midpoint of the new price range [1] Group 2 - Figure operates a vertically integrated blockchain solution system that supports various market activities, including consumer credit and digital asset lending, trading, and investment [1] - The company has established a "co-branding strategy" to partner with mortgage lenders, loan servicers, banks, wholesale brokers, and credit unions to facilitate loan issuance and distribution using its technology platform [2] - In 2024, Figure facilitated $5 billion in home equity line of credit transactions, marking a 51% year-over-year growth and claiming the top market share in the non-bank home equity lending sector [2] Group 3 - Founded in 2018, Figure reported revenue of $375 million for the 12 months ending June 30, 2025, and plans to list on the NASDAQ under the ticker "FIGR" [2] - The IPO is being managed by a consortium of banks including Goldman Sachs, Jefferies, Bank of America, Societe Generale, Keefe Bruyette Woods, and Mizuho Securities [2] - The final IPO price is expected to be determined in the week of September 8, 2025 [2]

Group 1 - Figure Technology Solutions Inc. has filed for an IPO with the SEC, planning to trade on NASDAQ under the ticker FIGR [1] - For the first half of 2025, the company reported revenue of $43.8 million and a net profit of $29.1 million, compared to a net loss of $15.6 million in the same period last year [1] - The company's blockchain platform has facilitated over $16 billion in loans and has integrated OpenAI technology for loan application assessments, along with a chatbot powered by Google Gemini [1]