In a CNBC interview, Figure co-founder and executive chairman Mike Cagney said the company could be among the so-called ‘Web3 Mag 7.’
Figure Technology Solutions (FIGR) shares surged in their Nasdaq debut on Thursday, marking a strong start for the blockchain lender.
Figure’s stock was trading at around $35 at the time of writing, after opening at $36, reflecting a jump of 40% from the issue price of $25. This was above the earlier $20 to $22 range and significantly higher than the initial $18 to $20 range announced in August. The offering included 23.5 million Class A common shares from the company and eight million shares from existing stockholders, valuing Figure at about $5.3 billion.
Retail interest was high ahead of the listing, with FIGR garnering over 700 followers on Stocktwits before trading began. Retail sentiment climbed to ‘extremely bullish’ from ‘bullish,’ and chatter surged to ‘extremely high’ levels over the past day.
In an interview with CNBC on Thursday morning, Figure Technology Solutions co-founder and executive chairman Mike Cagney said that the company is positioning itself as a leading player in the Web3 space. “Well, I think the way we look at it is just like, there’s a mag seven of web 2.0, you’re going to have something like that for web 3.0. The technology is so big, it’s so pervasive, and it’s really going to change the world. And we think we’re one of those companies,” Cagney said.
Cagney also pointed to strong financial momentum, stating, “You know, last year, we did $340 million in revenue. We were over a million dollars in EBITDA. EBITDA growth for the first two quarters of this year is over 66% on an annualized basis. The company’s still growing very rapidly. So it’s a unique intersection of a relatively young company, a very profitable company, in a very fast, fast growing company.”
Founded in 2018, Figure uses blockchain technology to streamline lending. In its IPO filing, the company claimed that it can fund home equity loans in just 10 days, compared to the industry average of 42 days.
The IPO comes amid a broader wave of crypto-related listings fueled by regulatory tailwinds under the Trump administration, corporate treasury adoption, and ETF inflows. Crypto exchange Gemini (GEMI) is also expected to price its IPO on Thursday ahead of its planned Nasdaq debut on Friday. At the time of writing, retail sentiment around Gemini on Stocktwits was in ‘bullish’ territory amid ‘high’ levels of chatter.
Read also: Figure IPO: Mike Cagney Reportedly Says Company Aims to Be ‘Mag 7’ of Web3, Eyes Blockchain-Traded Stock After Nasdaq Debut
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