Figure Technologies Expands IPO Amid Rising Crypto Market Interest

Figure Technologies, a prominent stablecoin issuer, has increased the size and pricing range of its upcoming initial public offering (IPO) as interest in cryptocurrency continues to surge. The company is now offering shares at a price range of $20 to $22, an increase from the previous range of $18 to $20. Additionally, the number of shares available has been raised to 31.5 million from approximately 26 million.

At the upper end of the new pricing range, the IPO could generate about $693 million and value Figure Technologies at approximately $4.66 billion. Initially, the IPO was projected to raise up to $526 million and value the company at $4.1 billion. The firm plans to begin trading on the Nasdaq on March 30, 2024, under the ticker symbol FIGR.

The increasing interest in cryptocurrency has been fueled by recent endorsements from the Trump administration, prompting a wave of investment into digital assets. This trend follows the successful market entries of other crypto entities, including crypto exchange Bullish and stablecoin issuer Circle, which have bolstered investor confidence.

Founded in 2018 by technology entrepreneur Mike Cagney, Figure Technologies operates a blockchain-native platform specializing in lending, trading, and investing in consumer credit and digital assets. The company claims to provide home equity loans in just 10 days, significantly faster than the industry average of 42 days.

Financial results indicate a notable turnaround for the firm, which reported a profit of $29 million for the six months ending June 30, 2023, reversing a loss of $13 million for the same period the previous year. This performance underscores the growing viability of blockchain technology in the financial sector.

The underwriting for the IPO is being led by major financial institutions including Goldman Sachs, Jefferies, and BofA Securities, which are positioned to support the offering as interest in crypto-related stocks continues to rise. Additionally, billionaire investor Stanley Druckenmiller has expressed interest through his Duquesne Family Office, indicating a potential purchase of $50 million worth of shares from the offering.

As Figure Technologies prepares to enter the public market, its expansion plans and the broader implications of its IPO will be closely monitored within the financial community, particularly as the cryptocurrency landscape evolves.