Feb. 18 at 6:30 PM
Figure Technology Solutions shares have risen about 50% since their September 2025 IPO, driven by investor optimism that its blockchain-based lending model can reshape parts of the capital markets.
The company has arranged roughly
$20 billion in tokenized home-equity lines of credit and recently introduced a blockchain version of its own common stock. Trading near
$36, the stock carries a premium valuation at about 39 times projected earnings, above peers like SoFi Technologies .
Figure says its proprietary Provenance blockchain reduces costs and speeds loan origination and resale by embedding documentation directly into tokens. The network now supports about
$15 billion in active loan assets, though it faces competition from major players such as Intercontinental Exchange and Tradeweb Markets .
While analysts question whether Figure can expand beyond consumer lending, its HELOC business remains strong, with 2025 revenue projected to grow 50% to at least
$505 million.
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