Figure Technologies (FIGR) saw its shares surge on Monday after billionaire investor Stanley Druckenmiller revealed a substantial new stake in the blockchain-driven lending firm founded by SoFi co-founder Mike Cagney. The stock jumped as much as 15% to $46.46 and was recently up 10% at $44.45, extending its gains to 44% since going public on Nasdaq in September. The performance stands out at a time when many crypto-related companies that debuted this year are now trading below their IPO prices amid broader market weakness.
A new 13F filing from Druckenmiller’s Duquesne Capital showed the fund acquired more than 2.1 million Figure shares during the third quarter. The position, valued at about $77 million, represents 1.9% of the firm’s portfolio. Druckenmiller’s involvement is seen as a strong endorsement of companies that blend blockchain infrastructure and AI to streamline consumer lending operations.
Analysts at Bank of America, Mizuho and Piper Sandler have recently raised their price targets for Figure, emphasizing the company’s transition to a “capital-light” model centered on home equity lines of credit (HELOCs). In its third-quarter update, Figure said its Figure Connect marketplace is now expected to account for 60% of total loan volume, up from 46% in the previous quarter, reflecting continued platform momentum.
Mizuho analyst Dan Dolev also pointed to Figure’s push into digital assets as a key strategic development. The company recently introduced YLDS, a yield-bearing stablecoin built on the Provenance blockchain, positioning it as an alternative for investors seeking on-chain yield and as a potential destination for capital leaving traditional banks.
