Professional
Added to YB: 2026-04-20
Pitch date: 2026-04-16
FIGR [bearish]
Figure Technology Solutions, Inc.
-1.95%
current return
Author Info
Morpheus Research was founded in 2025 by a team of financial analysts dedicated to exposing fraud and corporate misconduct in financial markets.We publish deep-dive investigative research on companies that we feel are fundamentally misunderstood by the market. While our research may lead to uncomfortable conclusions, we strive only to offer the truth. Sign up for the newsletter.
Company Info
Figure Technology Solutions, Inc., a financial technology company, provides blockchain-based products and solutions in the United States.
Market Cap
$7.7B
Pitch Price
$35.97
Price Target
N/A
Dividend
N/A
EV/EBITDA
76.26
P/E
80.95
EV/Sales
16.64
Sector
Consumer Finance
Category
N/A
Figure Technology: Smoke And Mirrors From A Fast-And-Loose Lender Masquerading As A Blockchain Darling
FIGR (short): Blockchain lender claims $7.7B fintech masquerading as risky HELOC originator. Doesn't originate loans on-chain per SEC filings despite mgmt claims; uses off-the-shelf tools. Aggressive underwriting (FICO 9, no title insurance, AVMs w/ 11% 10%+ valuation gaps, full draws req'd) driving 2x peer delinquencies. Blockchain projects stalled/internally propped (Figure Connect 46% Figure-funded, Prime pays 8.7% vs 5.5% warehouse lines, YLDS 99% Figure-owned). Provenance blockchain centralized: 10 accts control 78% staked HASH, Cagney's wife runs foundation, 2 accts could halt network. Insiders dumped $120M+ post-IPO. Trading 103% premium to fintech peers. CEO ex-SoFi w/ history of misleading investors; CFO from $1.7B GPB Ponzi scheme (omitted from bio). Cagney has undisclosed 2M share pledge. Competition intensifying (SoFi +570% YoY, Rocket +74%).
Read full article (49 min)