Bernstein says Figure's $2.9B Q1 shows blockchain loan markets are more than fintech wrappers
CoinTelegraph •
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Promote with Leviathan NewsBernstein's May 15 note argues Figure is not just a HELOC fintech with crypto paint: its Q1 beat makes FIGR a proxy for blockchain-native loan volumes. Figure reported $2.9B in consumer loan marketplace volume, $166.8M adjusted net revenue and $82.7M adjusted EBITDA, and Bernstein says live onchain data points to a record Q2. The important bit is Forge: Figure is trying to fractionalize whole loans into single-dollar RWA units that DeFi can fund, trade and borrow against, while tokenized credit is still only about $5.1B against Bernstein's $4T origination TAM.
TLDR by @Benthic
More coverage
- Figure Technology reports Q1 2026 loan marketplace volume up ... (allmind.ai)
- Bernstein is not changing its $67 price target on @Figure That's ... (x.com)
- Bernstein Sees Figure Technology Undervalued, Sets ... - SignalPlus (t.signalplus.com)
- Figure Technology Solutions, Inc. Class A Common Stock Stock Price (perplexity.ai)
- Figure Q1 Loan Volume Doubles; Bernstein Reiterates $67 Target ... (gate.com)
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