FIGR: The First RWA Tokenized Stock Ready to List on Nasdaq

Bittime - The global financial world was shocked again by a historic step from Figure (FIGR), an official blockchain-based fintech companylisting on Nasdaq on September 11, 2025. 

This IPO is not only a sign of the company's success, but also confirms FIGR as the world's first RWA (Real World Assets) tokenized stock. The stock price surged more than24% on the first day of tradingshows the high level of investor interest in this innovation.

As a company focused on integrating blockchain with traditional lending services, FIGR provides a bridge between the crypto world and the conventional financial system.

This makes it not just a technology company, but also a symbol of digital economic transformation.

History and Background of the Figure

Figure was founded in 2018 byMike Cagney, a figure who previously helped foundSoFi Technologies Inc.. 

The company's initial focus was onHome Equity Line of Credit (HELOC), namely home-based credit products. Over time, Figure expanded the business towardscrypto-asset-based credit, digital asset exchange, and real asset tokenization (RWA).

From the outset, Figure has positioned blockchain technology as the foundation of its business. With a vertically integrated ecosystem, the company offers digital asset lending, trading, and investment services.

In 2024, Figure-facilitated HELOC transactions reached USD 5 billion, grew 51% compared to the previous year.

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FIGR IPO and Early Performance

FIGR's IPO was met with overwhelming response. The initial offering price was set at USD 25 per share., higher than the previous target range of USD 20–22.

FIGR shares then closed at USD 31.11 on the first day of trading, go on 24,44%with market valuation reachingUSD 6.58 billion.

Some key points of the IPO:

• Total shares issued: 31.5 million.
• Underwriter:Goldman Sachs, Jefferies, dan Bank of America.
• Big investors:Duquesne Family Officepurchased shares worth USD 50 million (8% of the total IPO proceeds).

This success makes Figure one of the most successful crypto fintech IPOs afterBullish (crypto exchange) andCircle(stablecoin issuer).

Financial Performance Figure

Based on the prospectus, FIGR's financial performance shows a positive trend:

• Earnings 2023:USD 210 million, with a net loss of USD 52.44 million.
• Earnings 2024:USD 341 million, with a net profit of USD 19.92 million.
• H1 2025 income:USD 191 million, up 22.4% YoY.
• H1 2025 net profit:USD 29.38 million (reversing from last year's loss).
• EBITDA H1 2025:USD 83.44 million (more than double YoY).

The main source of income comes fromsales of loans and interest, with additional support from the expansion of digital services as well as the costs of blockchain ecosystem technology.

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FIGR Business Model and Innovation

The advantage of FIGR lies inthe combination of blockchain efficiency with traditional financial regulation. The business model includes:

1. Blockchain-based lending– Loans with lower fees and fast processing.
2. Partner brand strategy– Banks, brokers, and other financial institutions can use the Figure platform to issue loans.
3. Global expansion– Focus on credit market integration, digital asset trading, and RWA tokenization.
4. Utilization of AI– Figure usingOpenAIand chatbot basedGoogle Geminifor loan evaluation and customer interaction.

With a strong infrastructure, FIGR positions itself as a pioneer inreal asset tokenization (RWA)as well as a competitive crypto fintech company in the global market.

FIGR's Future Prospects

Figure's decision to list on the Nasdaq reflectsimproving regulatory supporttowards blockchain-based companies.

With a large institutional investor base and a proven business model, FIGR has the potential to become a key benchmark for future RWA IPOs.

In addition, the trendreal asset tokenizationIt's expected to continue growing, both for bonds, stocks, and credit products. As a pioneer, FIGR certainly has a significant first-mover advantage.

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Conclusion

FIGR's IPO is not just a corporate achievement, but an important milestone in the integration betweentraditional finance and crypto economy. 

With solid business growth, major investor support, and technological innovation, FIGR has a great opportunity to become a global leader in the RWA tokenization industry.

For investors, FIGR offers an attractive combination of blockchain innovation, regulatory stability, and fintech market growth prospects.

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FAQ

What is FIGR?

FIGR is a stock of the companyFigure, a blockchain-based fintech focused on lending, digital asset trading, and real asset tokenization (RWA).

Why is FIGR's IPO important?

Because FIGR becomesfirst RWA tokenized shareslisted on Nasdaq, and a symbol of the integration of crypto with traditional capital markets.

How much did the FIGR share price rise on the first day?

FIGR shares rise24,44%from an IPO price of USD 25 to USD 31.11, with a valuation of USD 6.58 billion.

What products does Figure offer?

Starting from Home Equity Line of Credit (HELOC), crypto-based credit, to real asset tokenization services.

Is FIGR suitable for long-term investment?

With the prospect of real asset tokenization and the growth of blockchain fintech, FIGR has long-term potential. However, investors should still consider regulatory risks and market volatility.