Brokerages initiate coverage on Figure Technology as quiet period ends

** Shares of blockchain lender Figure Technology FFIGR rise nearly 6% to about $42.7 in early trading

** At least eight brokerages initiate coverage with largely bullish ratings as research quiet period ends

** Company secured valuation of $7.62 bln after shares opened at $36 in NYSE debut vs IPO price of $25

** "FIGR is solely responsible for 3/4ths of all global tokenized private credit assets and is originating ~$1 bln of home equity loans per quarter via its proprietary loan origination system," Piper Sandler says

** Bernstein says co brings the liquidity of blockchain capital markets to consumer loans, transforming a 'balance sheet heavy' lending model to a 'capital light' marketplace business

** Needham says it expects co to continue to focus on expanding its product suite in areas such as stablecoins, democratized prime, and the company's crypto exchange

** "FIGR is a first-mover in tokenizing Real-World Assets and holds >70% market share of tokenized private credit," BofA says

** Following are the ratings, PTs: