Figure Technology Solutions (FIGR), a blockchain-based lending company, saw its stock price soar 44% during intraday trading on Thursday, following its highly anticipated initial public offering (IPO). The company's shares opened at $36, significantly above its IPO price of $25 per share, reflecting strong investor demand for the cryptocurrency-focused firm.

The successful debut comes after Figure Technology priced its IPO at $25 per share, above the recently raised range of $20 to $22. The company and some of its existing shareholders sold 31.5 million shares, raising $787.5 million and valuing the firm at approximately $5.29 billion. The upsized offering and pricing above the expected range signaled robust interest from investors in the blockchain and cryptocurrency sector.

Figure Technology's strong market reception can be attributed to several factors. As a profitable financial technology company specializing in blockchain-based home equity loans, Figure has positioned itself at the intersection of traditional finance and emerging crypto technologies. The company's innovative approach, which claims to fund home equity loans in just 10 days compared to the industry average of 42 days, has attracted attention from both tech and finance investors. Additionally, the current favorable environment for crypto-related enterprises, including recent regulatory developments and growing mainstream acceptance of digital assets, has likely contributed to the enthusiastic market response.