By Ateev Bhandari and Arasu Kannagi Basil
(Reuters) – Figure Technology was valued at $7.62 billion after its shares jumped 44% in their Nasdaq debut on Thursday, adding to a run of strong first-day performances by crypto-linked firms as the digital-assets industry edges closer to the mainstream.
The New York-based company’s stock opened at $44 per share, compared with the offer price of $25.
Figure and some of its backers raised $787.5 million in an upsized IPO by selling 31.5 million shares, pricing above a previously increased range of $20 to $22 apiece.
U.S. IPOs are set to have their busiest week since 2021, as record-high equity markets encourage a broad slate of listings after tariff-driven volatility shut new issues in April.
As the crypto mania spurred by regulatory wins tempers down, companies that stuck to hoarding digital assets have suffered sharp drops in their stock price, suggesting investors continue to look for fundamentals.
“Blockchain never loses an opportunity to shoot itself in the foot,” Figure CEO Mike Cagney told Reuters in an interview, adding that treasury strategies do not represent the full potential of the technology.
Figure was co-founded in 2018 by Cagney, who previously launched and scaled SoFi Technologies.
It facilitated $6 billion in home equity lending for the twelve months ended June 30, up 29% from a year ago.
Figure developed the Provenance blockchain to originate, verify and process home-equity loans, positioning itself at the intersection of housing finance and crypto.
Cagney told Reuters that 10 out of the top 20 mortgage companies use Figure’s technology to originate loans.
“There are 20 or more large banks already using Provenance,” David Chao, general partner at DCM Ventures, an early investor in Figure, told Reuters in an interview.
Cryptocurrency exchange Gemini, backed by the Winklevoss twins, is also set to go public in New York on Friday.
(Reporting by Arasu Kannagi Basil and Ateev Bhandari in Bengaluru; Editing by Tasim Zahid and Alan Barona)
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