Figure IPO: Mike Cagney Reportedly Says Company Aims To Be ‘Mag 7’ of Web3, Eyes Blockchain-Traded Stock After Nasdaq Debut

Figure Technologies Co-Founder and Executive Chairman Mike Cagney reportedly said on Thursday that the company is positioning itself as a leading player in Web3 and is preparing to launch a blockchain-native version of its stock eventually.

“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 in an interview with CNBC.

Figure’s IPO is set to debut later Thursday at $25 per share, above the earlier $20 to $22 range and well above the initial $18 to $20 range announced in August. The offering includes 23.5 million Class A common shares from the company and eight million shares from existing stockholders, valuing the company at more than $5 billion at the top end. This marks the second upsizing of the deal this week.

On Stocktwits, the FIGR stock already has over 600 followers before going live on Nasdaq. Retail sentiment around the company rose to ‘extremely bullish’ from ‘bullish’ over the past day, with chatter at ‘extremely high’ levels.

Cagney added that Figure intends to move further into credit markets but is also planning a “fast follow” to issue a second version of its equity entirely on blockchain, bypassing traditional intermediaries like the Depository Trust and Clearing Corporation (DTCC) and Nasdaq. “The benefit of that… there’s sort of three reasons why you use blockchain. You get transactional efficiency, you get liquidity. But really the biggest benefit is decentralized finance, connecting sources [and] uses of capital directly,” he said.

He argued that blockchain-based equities would give investors greater control, including the ability to self-custody shares and capture full economics on stock lending without relying on prime brokers. “I think this technology is, single-handedly, going to cause more disruption than any technology ever has before,” Cagney said.

Read also: Dogecoin Outperforms Major Altcoins, Solana Extends Rally As Bitcoin Edges Past $114K

For updates and corrections, email newsroom[at]stocktwits[dot]com.