Bernstein initiated coverage of Figure Technology Solutions (NASDAQ:FIGR) with an “Outperform” rating and a $54 price target, citing the company’s leading role in the private credit tokenization market, where it currently controls about 75% of the $17 billion sector.
Analysts led by Gautam Chhugani described Figure as a trailblazer in merging blockchain technology with traditional credit, transforming conventional loans into tradable digital assets — much like stablecoins revolutionized global payments by cutting out intermediaries.
Founded by Mike Cagney, the co-founder of SoFi, Figure operates a comprehensive financial infrastructure that spans from loan origination to the Provenance blockchain, a network that facilitates both the tokenization and trading of credit assets among institutional investors.
According to Bernstein, Figure originated $5.1 billion in home equity line of credit (HELOC) loans in 2024, accounting for 13% of the U.S. non-bank market. The firm expects Figure’s share to climb to 25% by 2027 as it expands into new lending products and tokenized asset classes.
The report forecasts revenue growth from $341 million in 2024 to $754 million by 2027, representing a compound annual growth rate of around 30%, while EBITDA is projected to rise from $101 million to $427 million, with margins reaching 57% — driven by the scalability of the “Figure Connect” marketplace model.
Bernstein also highlighted that the credit tokenization market could eventually exceed $2 trillion, noting that Figure’s blockchain infrastructure has the potential to cut operating costs by up to 90% and accelerate loan recovery times by 75%, improving both liquidity and accessibility in the sector.
Figure’s stock, which debuted in September at $25 per share, climbed to $43.43 on Monday morning, October 6, 2025, up 7.8%, reflecting growing investor enthusiasm for the company’s blockchain-based financial model. The firm’s shares are not traded on the B3 exchange via BDRs.
Figure Technology Solutions stock price
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.