Blockchain lender Figure Technology is the latest crypto company to go public. On Thursday, Figure debuted on the Nasdaq after raising $787.5 million in its IPO. The company’s shares listed at $25 but soared almost 30% to trade at $32 Thursday afternoon. That means the company, whose ticker is FIGR, is trading at about a $6 billion valuation.

Founded in 2018, Figure’s business centers around putting mortgages on the blockchain, which the company says speeds up the granting and funding of home loans. From June 2024 to June of this year, it facilitated about $6 billion in loans, according to filings with the Securities and Exchange Commission. And from January to June, it generated more than $190 million in revenue and almost $30 million in net income.

“The IPO is one step in a long proces

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