That number sits at the center of a fight over what counts as onchain. DeFiLlama founder 0xngmi argued in a September article that Figure’s claimed $12 billion in tokenized real-world assets is not visible in any meaningful sense on Provenance, the firm’s affiliated chain.

He documented roughly $5 million in BTC and $4 million in ETH on Figure’s exchange, plus $20 million in YLDS stablecoin supply. DeFiLlama tracks Figure’s TVL at about $140 million and has declined to count the larger figure.

Beyond that debate, margins reflect a shift away from balance-sheet lending. Figure’s adjusted EBITDA margin moved from 30% to 55% in 2025 as the firm pivoted to a marketplace model. Cagney guided to 80–85% over the next one to two years.

Revenue was $339 million in 2024 and $510 million in 2025, with sell-side estimates of $650 to $680 million for 2026. Figure crossed $1 billion in monthly originations for the first time in March.

Cagney also said Figure is in talks with Consensys’ MetaMask to integrate Democratized Prime, the firm’s DeFi protocol for lending against onchain mortgage and auto collateral.

He also announced a second listing on OPEN, Figure’s blockchain-native equity venue. The first listing was for Figure’s FIGR shares alongside a $150 million secondary offering.

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Arthur Hayes Consensus Miami 2026

All that matters for bitcoin’s value proposition is fiat liquidity, said Arthur Hayes, CIO of Maelstrom, at Consensus Miami 2026.

What to know:

  • Bitcoin has value because it exists outside the regulatory apparatus, said Arthur Hayes.
  • There’s a lot of talk about tradfi and regulators and crypto coming together and having this “bastard child.”

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