Bernstein Reaffirms $54 Price Target for Figure on Strong Tokenized Loan Growth
Figure Technologies delivered a standout performance in Q3 2025, with adjusted revenue hitting $156 million—30% above consensus—and EBITDA surging 60% to $86 million. The blockchain-based lender's success stems from its tokenized loan ecosystem, where volumes grew 48% quarter-over-quarter.
Home-equity lines of credit dominated the growth story, cementing Figure's position as the top independent HELOC originator in the U.S. Bernstein analysts see 56% upside potential, maintaining their outperform rating and $54 target price.
CEO Mike Cagney's bet on AI-driven smart contracts and asset tokenization appears to be paying off, with the platform demonstrating both scalability and profitability. The institutional market is taking notice as blockchain-based financial products gain traction.