Figure’s debut on Nasdaq couldn’t have been better timed.
Equity markets were reaching new all-time highs, crypto had surged back above a $4 trillion market cap, and the IPO landed between the first wave of crypto listings and the next set now in preparation (with Kraken, OKX, and others rumored).
The offering raised $787.5 million, making it the third-largest crypto IPO of 2025 alongside Circle ($1.1B), Bullish Global ($1.1B), and Gemini ($425M).
And for RockawayX, the milestone is especially meaningful: it marks the first IPO from our investment portfolio.
A New Flavor Of Crypto For Wall St.
Figure broadens the crypto-equity landscape by bringing a credit-market perspective grounded in consumer-loan economics and blockchain infrastructure.
The company first gained traction with home equity lines of credit (HELOCs) and mortgages, using blockchain rails to shorten loan funding timelines from the industry average of 42 days to about 10. It also built a digital lien registry for instant ownership transfers and employs smart contracts for real-time verification—modernizing consumer credit from the ground up.
Over time, Figure expanded into stablecoin issuance, crypto-backed credit, and asset tokenization initiatives, positioning itself as one of the more diversified players in the RWA space. That growth has already produced meaningful results:
- 1H25 revenue: ~$191 million
- 1H25 net income: ~$29 million
- 2024 revenue: ~$341 million with positive net income
By going public, Figure demonstrates that blockchain-enabled businesses can scale profitably in regulated sectors like consumer credit. More importantly, it serves as the first clear proof point that Wall Street’s appetite for crypto equities extends beyond exchanges and stablecoins, opening the door for a broader set of business models to find traction in public markets.
IPO Results
The IPO priced at $25 per share, giving Figure a fully diluted valuation of $5.29 billion—a sharp increase from the $3.2 billion valuation in its 2021 venture round, where RockawayX participated.
Investor demand pushed the deal higher: the offering was upsized from 26 million to 31.5 million shares, and the price range was lifted from $18–$20 to $20–$22 before final pricing. Underwriters included Goldman Sachs, Jefferies, and BofA Securities.
Trading under the ticker FIGR, the stock opened at $36, reached a high of $38.05, and closed at $31.11—roughly 25% above the IPO price.
