Figure Co-Founder: How Figure Became A $10B Business | Mike Cagney
Speakers
Mike Cagney
— Co-Founder & Executive Chair, Figure
Summary
Mike Cagney discusses Figure Technologies' evolution from a HELOC lender to a capital markets marketplace powered by blockchain. He explains how Figure Connect provides liquidity and efficiency, and shares his vision for tokenizing equities, improving stock lending, and building a consumer-friendly wallet to bridge TradFi and DeFi.
- Figure operates a liquid private credit marketplace using blockchain for real-time loan perfection and settlement.
- The company shifted from being a lender to a marketplace, with Figure Connect handling over 50% of volume.
- Cagney argues blockchain will disrupt capital markets by eliminating intermediaries and enabling self-custody and transparent stock lending.
- Figure's stock (FGRS) saw 85% short interest before lockup expiry, creating a high borrow cost that benefits long holders.
- Cagney envisions a convergence of tokens and equity, where native on-chain equity earns staking rewards and network fees.
- He criticized the separate token/lab entity model, citing misaligned incentives and investor confusion.
- Cagney believes regulatory clarity is essential for mass adoption of on-chain capital markets.
- Figure is developing a wallet with an AI agent to simplify DeFi access for traditional users.
Trade Ideas
Own Figure for high stock lending yield.
Figure stock (FGRS) offers an attractive risk/reward because the high short interest (85% of float) and correspondingly high borrow cost (30%+) create a strong incentive for long holders to lend their shares and earn that yield. This dynamic counterbalances short-selling pressure around lockup expiries and provides a differentiated reason to own the stock beyond fundamentals.
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This Empire video, published May 19, 2026, features Mike Cagney discussing FGRS. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Mike Cagney · Tickers: FGRS