Zodia Custody ends Japan venture with SBI in ‘mutual decision’: Report

Blockchain-native lending firm Figure Technology Solutions, led by SoFi co-founder Mike Cagney, announced the pricing of its initial public offering of 31,500,000 shares of its Class A common stock late Wednesday.

The firm set a price of $25 per share — an increase from its estimated IPO range of between $20 and $22 per share, stated in an S-1 filing with the Securities and Exchange Commission earlier in the day.

At the announced price, Figure's IPO targets a raise of $787.5 million (up from $693 million), and values the company at roughly $5.3 billion (up from $4.7 billion). Approximately 211.7 million total Class A and Class B shares will be outstanding immediately after the offering, excluding the underwriters' overallotment option.

The offering comprises 23,506,605 shares of Class A common stock from Figure, along with 7,993,395 shares of Class A common stock being offered by certain existing stockholders. That represents a change from the 26,645,296 and 4,854,704 respective figures in the prior filing, shifting the composition of the total share offering. Figure will not receive any proceeds from the shares sold by existing stockholders.

In addition, Figure has provided the underwriters with a 30-day option to purchase up to 4,725,000 additional shares of its Class A common stock at the initial public offering price, minus underwriting discounts and commissions. 

Figure's shares are expected to start trading on the Nasdaq Global Select Market under the ticker "FIGR" on Thursday. The offering is scheduled to close on Sept. 12, subject to customary closing conditions, the firm said. The SEC declared the registration statement for the securities effective on Sept. 10.

Goldman Sachs, Jefferies, and BofA are joint lead bookrunners for the offering, with Societe Generale, KBW, and Mizuho as bookrunners. Texas Capital Securities, Needham & Company, Piper Sandler, FT Partners, KKR, and Roberts & Ryan are acting as co-managers.

Figure joins a growing list of crypto-related companies that have gone public, including Coinbase, Circle, and Bullish. BitGo, Gemini, Grayscale, and Kraken are also eyeing public listings.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Arai’s token (AA) will be listed on the Gate exchange. When a coin is listed on a big exchange like Gate, new users can buy and sell much more easily. This usually pulls more attention and can make the price go up, especially if the project is unknown or has strong news. Traders may quickly join in, hoping for a good short-term gain. Sometimes, prices can be extra volatile as new people buy in and early holders sell. If hype drops after launch, there could be a fast sell-off. Still, listings often push prices higher at first. source

Victoria VR will soon open a land reveal event. Land owners will see what is hidden in their virtual land, like traits and power. This may make some lands seem more valuable. If many users get excited, they may try to buy land or the VR token, hoping for rare features. This can push prices up. But if traits seem weak, prices could drop instead. The event is important because it creates new information and possible surprises for the market. Watch for big moves as details about the lands become public. source

SwissBorg is starting the HUB Alpha Deal for BORG holders. HUB is a new network that uses extra internet bandwidth for AI tasks. The deal lets top BORG holders access vaults with the lowest valuations. This can attract more users to buy and hold BORG, pushing the price up. Large supporters want early entry to good projects, so demand increases. If users think HUB will succeed, BORG could see a strong positive move. However, if interest is low or the deal is too small, the price may not rise much. Still, this deal could be a strong short-term catalyst. source

Sui-based yield trading protocol Nemo lost about $2.59 million due to a known vulnerability introduced by non-audited code being deployed, according to the project.

According to Nemo’s post-mortem analysis of the Sept. 7 hack, a flaw in a function intended to reduce slippage allowed the attacker to change the state of the protocol. This function, named “get_sy_amount_in_for_exact_py_out,” was pushed onchain without being audited by smart contract auditor Asymptotic.

Furthermore, Asymptotic’s team identified the issue in a preliminary report. Still, the Nemo team admits that its “team did not adequately address this security concern in a timely manner.”

Deploying new code only required a signature from a single address, allowing the developer to push unaudited code onchain without disclosing the changes. Furthermore, he did not use the confirmation hash provided in the audit for the deployment, breaking the procedure.

This is not the first time a hack was revealed to have been easily preventable. The report follows NFT trading platform SuperRare suffering a $730,000 exploit in late July due to a basic smart contract bug that experts say could have easily been prevented with standard testing practices.

Security procedures changed too late

The vulnerable code was pushed onchain in early January. The upgrade procedure, which would likely have prevented the unaudited code from being deployed onchain, was implemented in April.

Despite the upgrade, the vulnerability had already made its way into the production environment. Asymptotic warned Nemo of the vulnerability on Aug. 11, but the project said it was focused on other issues and failed to address it before the exploit.

Nemo pauses protocol, prepares patch

According to the analysis, Nemo’s protocol core functions are now paused to prevent further losses. The team is collaborating with multiple security teams and providing all relevant addresses to assist in freezing assets on centralized exchanges.

A patch has now been developed, and Asymptotic is auditing the new code. The project said it removed its flash loan function, fixed the vulnerable code and added a manual-reset feature to restore affected values. Nemo is also designing a compensation plan for users, including debt structuring at the tokenomics level.

Nemo apologized to its users and claims to have learned that “security and risk management demand constant vigilance.” The team also promised to improve its defences and apply stricter protocol control.

Exchange-based stablecoin holdings on the Ethereum and Tron blockchains recently surpassed $70 billion.

The previous all-time high, set during the 2021 bull market, was approximately $60 billion. After hovering around that level for much of the year, exchange stablecoin holdings began to rise sharply in August.

Stablecoins on Exchanges: A Potential Buying Pressure

According to a report published Thursday by CryptoQuant analyst ‘CryptoOnchain’, this metric represents a massive pool of potential buying pressure on exchanges. This figure briefly surpassed $70 billion on September 2nd and is currently fluctuating around $68.3 billion as of Thursday.

The analyst noted that it has a strong correlation with actual cryptocurrency prices. The holdings hit their most recent low of $32 billion in late October 2023, then more than doubled.

Over that same period, Bitcoin’s price surged by roughly 3.3x from its previous price of around $35,000, while Ethereum’s price jumped 2.5x from its level of $1,890.

USDC’s Role in the Rally

A closer look at the data shows that USDT, the largest stablecoin by market cap, accounts for about $53 billion—or 77%—of these exchange holdings. USDC accounts for about $14 billion, or 20%.

CryptoOnchain pointed to USDC’s explosive growth as a key factor. While USDT maintains its top spot with steady growth, the analyst claims that the USDC deposited on exchanges strongly correlates with major cryptocurrency price increases.

Indeed, with rising expectations for a US interest rate cut, USDC on exchanges soared from just $6.8 billion on August 1 to $14 billion in a single month. In contrast, USDT holdings saw little change, rising from $52.6 billion to $53.1 billion during the same period.

CryptoOnchain describes the current buildup of stablecoins on exchanges as an “extremely strong bullish signal.” He states that this capital is ready to be deployed into assets like Bitcoin and altcoins, signaling a powerful rally may be on the horizon.