Figure Surges in Credit Markets: Wilde-Style Irony Meets Blockchain Buzz 😂

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Markets

What to know:

  • Bernstein bestowed an outperform rating and a $54 target upon Figure (FIGR), dubbing it the belle of blockchain in credit markets.
  • They claim Figure tokenizes loans the way stablecoins tokenize dollars, unlocking efficiencies in a credit market that exceeds $2 trillion.

Bernstein, with the flourish of a Parisian bon mot and the sly wink of a seasoned financier, declares Figure (FIGR) the leader in marrying blockchain to credit markets, reporting an outperform stance and a $54 target on a Monday missive.

The stock, one suspects, rose about 2% in early trading, flirting with roughly $41.10 like a debutante at a soirée.

Bernstein asserts Figure is doing for lending what stablecoins did for payments-tokenizing venerable assets to render markets faster and more efficient, as if speed and virtue could be waltzing hand in hand.

With approximately 75% of the $17 billion tokenized private credit market under its belt, Figure stands as the obvious frontrunner, according to analysts led by Gautam Chhugani.

Figure’s blockchain platform shifts lending from a ledger-laden, balance-sheet-heavy spectacle to a capital-light marketplace, granting investors direct access to consumer loans, the report notes.

Bernstein estimates the addressable market for credit tokenization to exceed $2 trillion, offering “tremendous growth headroom” as Figure extends beyond home equity lines into other loan products and even equities.

The broker lauds Figure’s seasoned management and expansive distribution network-170 origination partners and over 15 private credit investors-as key strengths. Figure is already the top independent home equity line of credit lender in the U.S., originating about $5.1 billion in 2024, roughly 3% of the market.

Bernstein foresees revenue rising from $341 million in 2024 to $754 million by 2027, a 30% annual ascent driven by Figure’s Connect marketplace. At about 19x EV/2027 EBITDA and 30x P/E, Figure trades at a premium, but its market dominance, profitability, and exposure to the brisk tokenization trend are presented as justification for the valuation.

Figure went public last month. It priced its IPO at $25 per share, valuing the company at $787.5 million. 😌✨

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2025-10-06 16:49