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 disclosed a significant new stake in the company.
The stock rose as high as $46.46 and recently rose 10% to $44.45. It is up 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 about $77 million and accounting for 1.9% of his portfolio.
Druckenmiller, a longtime hedge fund titan, is known for picking disruptive technology and macro trends early. His entry into Figur signals growing institutional interest in financial platforms that blend blockchain and artificial intelligence 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 loans (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% 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-bearing stablecoin on its origin blockchain, designed to address a potential outflow of capital from traditional banks to digital dollars.
