"Blockchain Breakthrough: A New Era in Mortgage Lending Goes Public"

Stablecoin issuer Figure Technology and its existing investors raised $787.5 million in a U.S. initial public offering (IPO) on Wednesday, marking a significant milestone in the expanding blockchain and crypto finance sector. The offering, which priced at $25 per share—above the previously increased range of $20 to $22—resulted in a post-IPO valuation of $5.29 billion for the company. The shares will begin trading on the Nasdaq under the ticker symbol "FIGR" starting Thursday. The IPO was led by underwriters Goldman Sachs, Jefferies, and BofA Securities.

Founded in 2018, Figure leverages blockchain technology to streamline the home loan process, significantly reducing the time required to fund home equity loans. According to its IPO filing, Figure can fund such loans in 10 days, a stark contrast to the industry average of 42 days. The company's rapid processing times and blockchain-driven infrastructure position it as a disruptive force in the traditional mortgage market, where efficiency and transparency are increasingly prioritized by both consumers and institutional investors.

The IPO reflects a broader trend of growing institutional confidence in blockchain and crypto-related businesses. Regulatory support under the current U.S. administration, combined with corporate treasury adoption of digital assets and inflows into exchange-traded funds (ETFs), have catalyzed increased public market activity in the sector. The market value of the digital asset industry recently surpassed $4 trillion, underscoring the growing mainstream acceptance of crypto technologies.

Notably, billionaire investor Stanley Druckenmiller's Duquesne Family Office had expressed interest in purchasing up to $50 million worth of shares in the offering, further highlighting the appeal of Figure to high-net-worth individuals and institutional investors. The IPO also saw an increase in the number of shares offered, from an initial 26 million to 31.5 million, reflecting strong demand from investors.

The strong performance of Figure’s IPO comes amid a broader rebound in the U.S. IPO market, exemplified by the 30% jump in shares of Swedish fintech firm Klarna on the same day. This trend suggests a shift in investor sentiment, supported by record-high equity valuations and expectations of an upcoming Federal Reserve interest rate cut. Several other companies, including crypto exchange Gemini, transit tech Via, and coffee chain Black Rock Coffee, are also scheduled to price their IPOs on Thursday, signaling continued momentum in the market.