FIGURE Figure Technologies, Inc. : Bullish and Bearish Analyst Opinions

Speaker is an investor in Figure, a humanoid robotics company. He states the manufacturing use cases are "very easily" seen, but he is uncertain about consumer adoption of humanoid forms in homes at scale. Robotics and AI represent transformative technology with clear industrial applications. However, consumer markets are unpredictable, and a subset of the population may be fearful, limiting home uptake. WATCH because the underlying technology is promising and has demonstrable commercial pathways (manufacturing), but the broader consumer market application and its timing remain highly uncertain and dependent on social acceptance. Public fear or rejection of humanoid robots in personal spaces, technical limitations in unstructured home environments, and the possibility that non-humanoid forms are sufficient for manufacturing tasks.

Santiago repeatedly points to Figure as the proof of concept: "Figure is now telling you where the future is going... lowered the cost to issue the loan... from $11,000 per loan to 700." Figure has successfully executed the "Inversion" thesis (using blockchain to collapse costs in HELOCs). This validates the model and suggests Figure is the leader in real-world blockchain utility. LONG FIGURE (Equity/Token if available) as the market leader in RWA/Fintech efficiency. Regulatory hurdles or competition from traditional banks adopting similar tech.

Figure launched "OPEN," a blockchain-native platform allowing companies to list stocks directly on-chain, bypassing the DTCC. This allows for 24/7 trading, immediate settlement, and the use of digital asset treasuries to stabilize NAV. It represents a structural shift in equity market plumbing. LONG FIGURE (recently public as of Jan 2025 per transcript) as a first-mover in blockchain-native equity listing. Regulatory pushback from the SEC regarding non-DTCC clearing.

Sigel cites Figure as a "successful IPO from last year" that has taken "10% market share in the origination of HELOCs" (Home Equity Lines of Credit) using the Provenance blockchain. This is the "upstream origination" thesis. Figure isn't just tokenizing a fund; they are using blockchain rails to originate loans faster and cheaper than competitors. This allows them to earn healthier margins while offering competitive rates, creating a flywheel that steals market share from traditional lenders. LONG. This is a play on RWA infrastructure that has actual product-market fit. Real estate market downturn reducing demand for HELOCs.