Figure Recognized as a Credit Market Blockchain Pioneer by Bernstein, Rated Outperform

Bernstein has initiated coverage of Figure (FIGR) with an outperform rating and a $54 price target, signaling roughly 35% upside from Friday’s $40 close. The stock rose about 2% in early trading to $41.10.

The brokerage highlighted Figure as a leader in applying blockchain to credit markets, likening its impact on lending to what stablecoins did for payments. Figure tokenizes traditional assets, creating faster and more efficient markets.

Figure controls approximately 75% of the $17 billion tokenized private credit market. Its platform shifts lending from a balance-sheet-heavy model to a capital-light marketplace, giving investors direct access to consumer loans. Bernstein estimates the broader credit tokenization market exceeds $2 trillion, offering significant growth potential as Figure expands beyond home equity lines into other loans and equities.

The report emphasized Figure’s strong management, 170 origination partners, and over 15 private credit investors. Already the top independent U.S. home equity line of credit (HLOC) lender, Figure originated $5.1 billion in 2024. Bernstein projects revenue growth from $341 million in 2024 to $754 million by 2027, driven by its Connect marketplace.

Figure went public last month, pricing its IPO at $25 per share for a valuation of $787.5 million.