Bernstein reiterated its $67 price target on Figure Technology, implying 72% upside from current levels, citing Q1 2026 loan origination volumes that more than doubled year-over-year to $2.9 billion. The firm attributed the growth to institutional adoption of Figure's blockchain-native lending infrastructure and its broader tokenization thesis playing out ahead of expectations.
For Armada's crypto-repo desk, Figure's expanding volume in blockchain-native lending represents both a benchmark and a competitive reference point. Family offices and market makers that use Figure for tokenized credit access are the same counterparty profile Armada targets for crypto-collateralized repo. Understanding Figure's pricing, haircut structures, and collateral terms helps Armada position its own product competitively and track where institutional demand is concentrating.