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