This article appeared for the first time on Gurufocus.
On Thursday, Figure Technology (FIGR, Financials) increased by 44% during its first day on the Nasdaq, giving the blockchain lender a market value of $ 7.62 billion. The figure and its donors have gained $ 787.5 million by selling $ 31.5 million, which opened at $ 44, much higher than the $ 25 IPO. The price of the offer was higher than the new range of $ 20 in the company at $ 22, showing that investors were interested in what has become the biggest week for American stock exchange since 2021. Mike Cagney, who co -founded Sofi Technologies before starting the figure in 2018, put the company at the crossroads of accommodation and blockchain. The company obtained $ 6 billion in home loans during the year ending on June 30, 29% more than the previous year. Cagney says that 10 of the 20 best American mortgage companies now use its blockchain from provenance to treat and check loans. David Chao, a first investor in DCM Ventures, noted that more than 20 large banks are already using the provenance. This shows that technology is becoming more and more popular in the financial services sector. The right start comes after a certain number of successful IPOs of Crypto-Monnaies companies, even if companies that have many digital assets have greatly reduced their share of shares. CAGNY said that the business model is based on loans and infrastructure, not speculation of the treasury. He also said that the long -term blockchain potential is financial applications. As the stock market IPO opens again, investors will keep an eye on the first report on the profits of the figure as a public company to see how loan growth and the adoption of the provenance is done.
