Monashee Investment Management Builds High-Conviction Stake in Figure Technology
Key Takeaways
- Monashee Investment Management LLC has disclosed a new $7.27 million position in Figure Technology Solutions, Inc.
- ($FIGR), signaling strong institutional confidence in the blockchain-driven fintech.
- The acquisition of 200,000 shares places Figure as the fourth-largest holding in Monashee's portfolio, representing 3.6% of its total assets.
Mentioned
Key Intelligence
Key Facts
- 1Monashee Investment Management acquired 200,000 shares of Figure Technology Solutions ($FIGR).
- 2The total value of the new position is approximately $7.27 million.
- 3Figure Technology now represents 3.6% of Monashee's total investment portfolio.
- 4The stock is currently the 4th largest holding for Monashee Investment Management.
- 5Figure reported Q4 revenue of $159.91 million, exceeding market estimates by $2.23 million.
- 6The company recently completed the first fully on-chain equity trade with BitGo Holdings.
Who's Affected
Analysis
Monashee Investment Management’s decision to allocate 3.6% of its total investment portfolio to Figure Technology Solutions ($FIGR) marks a significant institutional endorsement of the company’s blockchain-centric financial services model. By acquiring 200,000 shares valued at approximately $7.27 million during the third quarter, Monashee has elevated Figure to its fourth-largest holding. This move is particularly noteworthy given the broader volatility in the fintech sector and suggests a high-conviction bet on Figure’s ability to disrupt traditional lending through its proprietary technology stack.
Figure Technology Solutions has distinguished itself by leveraging the Provenance Blockchain to streamline the origination, servicing, and financing of home equity lines of credit (HELOCs) and other consumer loans. This 'on-chain' approach is designed to reduce costs and increase transparency compared to legacy banking systems. The institutional interest from Monashee follows a series of strategic milestones for Figure, including the completion of the world’s first fully on-chain equity trade in partnership with BitGo Holdings. This technological validation is a core component of Figure’s value proposition, as it demonstrates the practical utility of blockchain beyond speculative asset trading.
The company reported revenue of $159.91 million, beating analyst estimates by $2.23 million, driven by a doubling of consumer loan volumes and a successful expansion into the auto lending market.
From a financial performance perspective, Figure’s recent Q4 2025 earnings report presented a complex but growth-oriented narrative. The company reported revenue of $159.91 million, beating analyst estimates by $2.23 million, driven by a doubling of consumer loan volumes and a successful expansion into the auto lending market. However, the company missed earnings per share (EPS) estimates, reporting $0.06 against higher expectations. Despite the EPS miss, management has outlined a 'capital-light' growth strategy with a projected net take rate of 3.5% to 4%, signaling a focus on scalability and operational efficiency that likely appealed to Monashee’s analysts.
What to Watch
The investment also comes at a time when Figure is navigating significant operational challenges. In February 2026, the company disclosed a data breach affecting nearly one million accounts, a development that typically triggers institutional retreats. Monashee’s decision to maintain or establish a top-five position despite this headwind suggests that the fund views the breach as a manageable idiosyncratic risk rather than a fundamental flaw in the company’s long-term growth trajectory. The market's reaction to Figure’s 'capital-light' strategy and its expanding blockchain ecosystem will be critical to watch in the coming quarters.
Looking forward, Figure’s ability to maintain its 3.5%-4% net take rate while scaling into new loan categories like auto lending will be the primary driver of its valuation. For institutional investors like Monashee, the investment is not just a play on consumer credit, but a strategic position in the infrastructure of the future financial system. As more traditional assets move toward on-chain settlement, Figure’s early-mover advantage in blockchain-based lending could provide a significant competitive moat. Investors should monitor whether other institutional funds follow Monashee’s lead in the next round of 13F filings, which would provide further momentum for the stock.
Sources
Sources
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