Core Insights - Figure (FIGR) shares debuted on Nasdaq with a 24% gain, closing at $31.11 and achieving a market valuation of $6.6 billion with 211.66 million shares outstanding [1][2] - The trading debut was stable, contrasting with other recent crypto IPOs that faced volatility, indicating institutional confidence in Figure's tokenized credit model [2][3] Competitive Market Position - Figure is the smallest crypto firm by market cap among recent IPOs, trailing behind firms like Bullish and Circle, but has one of the lowest share counts [3] - Analyst Matthew Sigel projected a potential doubling of Figure's share price to $40 within 12 months, with further upside to $60-75 over 18-24 months based on adoption and margin expansion [3][4] Operational Efficiency - Figure operates the first scaled institutional-grade on-chain lending platform with $12 billion in loans outstanding and approximately $750 million in monthly originations [4] - The company's blockchain-native securitization model allows for significant operational efficiencies compared to traditional lending platforms, reducing lifecycle costs [4][5] Market Share and Growth Potential - Figure controls roughly 2.9% of the $406 billion US home equity line of credit market and approximately 10% of incremental flow [5] - The company is targeting $1.3 billion in revenue and $520 million in EBITDA by 2027, with an estimated sustainable revenue growth rate of 30% and EBITDA margins of 40% [5]