4 Billion Market Cap Vanishes in Blockchain Fintech... What Happened to FIGR

Figure Technology Solutions Inc. (FIGR) closed at $31.21 on Nasdaq on the 25th, down 6.14%.

Trading volume exceeded 4.76 million shares, and market capitalization stood at approximately $5.5 billion (about ₩7.5 trillion). In a single day, roughly $320 million—or about ₩430 billion—of market value was wiped out.

Recently, FIGR expanded its tokenized-equity experiments by creating a Series A blockchain common stock class in Nevada, granting it the same rights as existing Class A common shares, and issuing more than 4 million blockchain-based shares.

In its Q3 2025 results, driven by growth in its tokenized consumer‐loan marketplace, net income rose by over 200 percent year-over-year, and adjusted EBITDA margin reached 55 percent, marking aggressive growth even in its first year as a public company.

Founded in 2018 by former SoFi CEO Mike Cagney and Jun U, Figure Technology Solutions is a U.S. fintech operating a blockchain‐based platform for home‐equity credit loans and asset securitization.

Built on its own public Provenance blockchain, the company offers lending, capital markets, and asset‐management services, and since its Nasdaq listing in 2025 has been recognized as a leader in the tokenized real‐assets space.