Core Viewpoint - Figure Technology Solutions Inc. successfully launched its IPO, raising approximately $788 million, with a strong market debut reflecting investor interest in blockchain-based lending platforms [1][6][10]. Group 1: IPO Details - Figure's IPO price was set at $25, which is 13.6% to 20% higher than the revised guidance range of $20 to $22 [4]. - The company issued 31.5 million shares, resulting in a total fundraising of $787.5 million [4]. - On its first trading day, Figure's stock opened at $36, a 44% increase from the IPO price, and closed at $31.11, a 24.4% gain [2][4]. Group 2: Financial Performance - Figure reported a net profit of $29.1 million and revenue of $190.6 million for the first half of the year, compared to a net loss of $15.6 million and revenue of $156 million in the same period last year [8]. - 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 net loss of $47.9 million [8]. - Figure facilitated approximately $6 billion in home equity loans over the past 12 months, marking a 29% year-over-year increase [8]. Group 3: Blockchain Technology and Market Position - Figure's CEO emphasized the practical value of blockchain technology, stating that the company exemplifies how blockchain can add real value in the real world [9]. - The company has funded over $16 billion in loans using blockchain technology, positioning itself as a major player in the public blockchain space [7][9]. - Figure's technology is utilized by 10 out of the top 20 mortgage companies, indicating strong market adoption [9]. Group 4: Market Outlook - The CEO highlighted a significant growth opportunity in the U.S. home equity market, which has a total value of $35 trillion [10]. - The successful IPO of Figure is seen as a continuation of the trend of cryptocurrency-related companies entering public markets, with strong demand leading to an increase in the number of shares offered [10]. - Upcoming IPOs in the sector, such as Gemini, are expected to further drive interest in blockchain and cryptocurrency companies [11].