Shares of Figure Technologies (FIGR), a blockchain-focused lending platform founded by SoFi co-founder Mike Cagney, rose as much as 15% on Monday after billionaire investor Stanley Druckenmiller revealed a sizable new stake in the company.
The stock rose as high as $46.46 and was recently up 10% at $44.45. It has gained 44% since its Nasdaq debut in September, at a time when other cryptocurrency-linked companies that went public this year are trading below their offering prices. Crypto markets have remained weak in recent months, dragging down valuations across the sector.
According to Duquesne Capital’s latest 13F filing on Friday, founder Druckenmiller added more than 2.1 million shares of Figure during the third quarter, a position now worth approximately $77 million and representing 1.9% of his portfolio.
Druckenmiller, a longtime hedge fund titan, is known for spotting disruptive macro and technology trends early on. Its entry in Figure indicates growing institutional interest in financial platforms that combine blockchain and artificial intelligence to streamline consumer lending.
Bank of America analysts Mizhou and Piper Sandler recently raised their price targets for the company, highlighting its shift toward an “equity-light” lending model focused on home equity lines of credit (HELOCs).
In its third-quarter earnings report, Figure said it now expects its Figure Connect platform to generate 60% of loan volume, up from 46% in the previous quarter.
Mizhou analyst Dan Dolev also pointed to the company’s new stablecoin strategy as a differentiator. Figure recently launched YLDS, a yield stablecoin on its Provenance blockchain, designed to address a potential capital outflow from traditional banks to digital dollars.
