FIGR’s 13.78% Rally Drives $720M Volume Surge to 190th Rank on DeFi-Enabled Blockchain Equity Platform

Market Snapshot

On January 16, 2026, FT Intermediate (ticker: FIGR) surged 13.78%, marking a significant rebound in investor sentiment. Trading volume spiked 62.7% to $0.72 billion, ranking the stock 190th in daily trading activity. The rally followed the company’s launch of the OPEN blockchain platform, which enables direct equity trading and lending without traditional intermediaries like custodians or brokers. This development, coupled with strong market positioning in the tokenized equity sector, drove heightened demand for the stock.

Key Drivers

The launch of Figure Technology’s OPEN platform represents a transformative shift in equity trading infrastructure. By leveraging blockchain technology, the platform bypasses the Depository Trust and Clearing Corporation (DTCC) and traditional brokers, enabling direct issuance and trading of public equities on Figure’s Provenance blockchain. Unlike synthetic tokenized stock wrappers, OPEN’s native blockchain equity grants investors genuine ownership rights, a feature that distinguishes it from existing market offerings. The platform’s integration with decentralized finance (DeFi) infrastructure further eliminates the need for prime brokers in share lending, streamlining transactions and reducing costs.

Strategic partnerships and regulatory tailwinds have amplified the platform’s appeal. BitGo and Jump Trading have joined as key infrastructure providers, offering custody and liquidity services, respectively. This collaboration reinforces confidence in the platform’s scalability and security. Additionally, regulatory commentary from SEC Chairman Paul Atkins has highlighted tokenization’s potential to modernize financial infrastructure, suggesting a favorable environment for Figure’s innovations. The tokenized equity market, valued at $1.2 billion by late December 2025, has seen monthly trading volumes reach $800 million, indicating growing institutional and retail adoption.

Figure’s decision to tokenize its own Nasdaq-listed shares on OPEN has further solidified market momentum. By making its shares interchangeable with blockchain-registered equity, the company demonstrates the platform’s practicality and interoperability. This move aligns with broader industry trends, as competitors like Backed Finance and Securitize also explore onchain equity trading. Analysts from Bernstein and Piper Sandler have upgraded their price targets for FIGR, citing the platform’s disruptive potential and Figure’s 46% year-to-date stock gains. Bernstein’s $72 target price reflects a 38% upside from its January 14 closing price, driven by expectations of sustained growth in tokenized lending and equity markets.

Operational metrics underscore Figure’s market leadership. The company’s consumer lending volume hit $2.7 billion in Q4 2025, with Figure Connect processing 46% of credit volume through its tokenized platform. Revenue growth of 86.8% and operating margins exceeding 21% highlight the efficiency of its blockchain-driven model. Meanwhile, the tokenization of real-world assets has expanded to $19.38 billion in distributed value, with Figure’s HELOC and small business lending initiatives contributing to its diversified revenue streams. These fundamentals position the company to capitalize on regulatory clarity, such as the proposed U.S. “Crypto Bill,” which could standardize blockchain-based financial products.

Risks remain, however. The SEC’s ongoing scrutiny of blockchain-based securities and intensifying competition from traditional lenders and tech firms pose challenges. Additionally, Figure’s high valuation metrics—price-to-sales of 16.0 and a price-to-earnings ratio of 48.7—reflect market optimism but also expose the stock to volatility if growth expectations fall short. Despite these concerns, the OPEN platform’s unique value proposition and strategic expansion into Europe and crypto-backed loans suggest a long-term growth trajectory. For now, the stock’s 13.78% surge underscores investor confidence in Figure’s ability to redefine capital markets through decentralized innovation.