Shares of Figure Technologies (FIGR) jumped sharply on Monday after billionaire investor Stanley Druckenmiller revealed a significant new position in the blockchain-driven lending company founded by SoFi co-founder Mike Cagney. The stock climbed as much as 15% to $46.46 and was recently trading 10% higher at $44.45. Figure has now risen 44% since its Nasdaq debut in September—outperforming many other crypto-linked companies that listed this year and have since slipped below their offering prices amid broad market weakness.

Druckenmiller’s Duquesne Capital disclosed in its latest 13F filing on Friday that the firm acquired more than 2.1 million shares of Figure during the third quarter. The position, valued at roughly $77 million, now represents 1.9% of his total portfolio. Known for identifying major macro and technology themes early, Druckenmiller’s investment underscores rising institutional interest in platforms using blockchain and AI to modernize consumer lending.

Analysts at Bank of America, Mizuho and Piper Sandler recently boosted their price targets for Figure, citing the company’s transition to a more “capital-light” business model focused on home equity lines of credit (HELOCs). In its third-quarter results, Figure projected that its Figure Connect marketplace would account for 60% of total loan volume, up from 46% in the previous quarter—highlighting continued momentum behind the platform.

Mizuho analyst Dan Dolev also flagged Figure’s stablecoin initiative as a key differentiator. The company recently rolled out YLDS, a yield-bearing stablecoin built on the Provenance blockchain, positioning it as an option for investors seeking digital-dollar returns and as a potential solution to anticipated capital outflows from traditional banks