Figure Technology Raises IPO Target to Nearly $800 Million
Blockchain-based lending company Figure Technology Solutions has increased the size of its initial public offering (IPO), with the total deal potentially reaching $796 million. This adjustment follows a Tuesday SEC filing where the company revised its share price range and expanded the offering.
IPO Details and Pricing Adjustment
Figure is now offering 26.6 million Class A common shares at a price range of $20 to $22 per share, up from the previous $18 to $20 range. Selling stockholders will add 4.85 million secondary shares, bringing the total shares offered to 31.5 million.
If the underwriters exercise their full 4.7 million-share overallotment option, the IPO’s total size could reach $796 million. It is important to note that only the primary shares issued by Figure will generate proceeds for the company, with secondary share sales benefiting existing shareholders.
Use of Proceeds
Figure plans to deploy the capital raised to enhance its blockchain ecosystem, invest in platform development, expand digital asset marketplaces, and pay down outstanding debt. Key initiatives include accelerating adoption of its loan origination platform, Figure Connect, and scaling Dart, its onchain lien and eNote registry.
The company also aims to bolster infrastructure for YLDS, its SEC-registered interest-bearing stablecoin, which is positioned as a compliant alternative to traditional stablecoins that lack yield generation.
Financial Performance and Context
In the first half of 2025, Figure reported net income of $29 million and total stockholders’ equity of $404 million as of June 30, 2025. However, the company carries an accumulated deficit of $292 million.
Market Activity in Crypto IPOs
In related news, crypto exchange Gemini also raised its IPO price range to $24–$26 per share, targeting a valuation exceeding $3 billion ahead of its market debut. Gemini’s offering size remains at 16.67 million shares, but its expected capital raise increased to $433 million from $317 million. Nasdaq is participating in Gemini’s IPO through a $50 million private placement.
FinOracleAI — Market View
Figure Technology’s IPO upsizing signals strong investor demand for blockchain-based lending platforms, supporting a positive market reception. The increased price range and share count enhance capital raised, providing the company with substantial resources to invest in product development and debt reduction. However, risks remain due to the company’s accumulated deficit and the broader volatility in crypto markets. Investors should monitor Figure’s execution on platform scaling and regulatory compliance, especially related to its stablecoin offerings.
Impact: positive
