Shares of Figure Technologies (FIGR), a blockchain-focused lending platform founded by SoFi co-founder Mike Cagney, surged as much as 15% on Monday after billionaire investor Stanley Druckenmiller disclosed a sizable new stake in the company.
The stock rose to 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 crypto-linked firms that went public this year are trading below their offering prices. Crypto markets have remained soft in recent months, dragging down valuations across the sector.
According to Duquesne Capital’s latest 13F filing on Friday, founder Druckenmiller added over 2.1 million shares of Figure during the third quarter, a position now worth roughly $77 million and accounting for 1.9% of his portfolio.
Druckenmiller, a longtime hedge fund titan, is known for picking disruptive tech and macro trends early. His entry into Figure signals growing institutional interest in financial platforms that blend blockchain and AI to streamline consumer lending.
Analysts at Bank of America, Mizhou and Piper Sandler recently raised their price targets for the company, highlighting its shift to a “capital-light” lending model centered around home equity lines of credit (HELOCs).
In its third-quarter earnings report, Figure said it now expects its Figure Connect platform to drive 60% of loan volume, up from 46% 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-bearing stablecoin on its Provenance blockchain, designed to address a potential outflow of capital from traditional banks into digital dollars.
