Blockchain Billionaire Emerges on Lender Figure’s Post-IPO Surge

It took him a few tries, but Mike Cagney is now a billionaire.

Shares of blockchain-based lender Figure Technology Solutions Inc. have soared almost 40% since Thursday’s initial public offering, making him the latest in a recent surge of newly minted crypto-related billionaires.

Cagney’s ambitions for the New York-based company are as lofty as his newfound wealth: He said he sees Figure as key player in the next wave of blockchain-powered businesses.

“I view it as analogous to the Magnificent Seven of Web 2.0,” Cagney, 54, told Bloomberg TV Thursday after the debut. “I think there’s going to be the ...