Figure’s FIGR sinks 9% as $1.6 billion lending milestone meets crypto volatility

Nevada-based blockchain lending platform Figure Technology saw its stock (Nasdaq: FIGR) drop by 9.6% on Thursday. This reversed an early April uptrend that saw it gain by 25%, climbing from $29.8 to $37.5. 

Part of the April surge was driven by the lending market growth, which nearly tripled from $600 million to over $1.6 billion. Bullish outlook from analysts such as Bernstein further boosted market sentiment and fueled the recovery seen in early April. 

However, the stock is now threatening to retrace the April gains, especially if Thursday’s pullback extends itself. At the time of writing, a few hours before the U.S market opened on Friday, the stock saw a relief bounce of about 1%. 

Even so, its $1.6 billion lending milestone may face a test as geopolitical tensions and crypto volatility intensify. 

What’s next for FIGR amid crypto, geopolitical volatility

Notably, the Thursday drawdown coincided with the broader U.S equity market decline after President Donald Trump said the U.S military was targeting Iranian vessels laying mines across the Strait of Hormuz. 

But beyond the geopolitical fears, FIGR showed a strong correlation to Bitcoin price swings. In fact, throughout 2026, the correlation has remained positive and near 1. In other words, it has been reacting wildly to BTC price volatility. 

Notably, when BTC dropped from over $90K to $60K in February, FIGR dropped 3x from $75 to $25, before steadying around the $30-$40 range. On Thursday, BTC slipped below $77K from a high of $79.4K, further reinforcing that FIGR’s pullback was also driven by crypto volatility. 

Besides, the recent risk-off mode across DeFi also saw Figure’s Democratized Prime, its P2P lending market, shed half of its total value locked (TVL) this week. 

It’s TVL dropped from over $60 million to $29 million, according to DeFiLlama data. So, it appeared traders turned bearish amid broader DeFi contagion fears after the $293 million KelpDAO exploit. 

Despite the volatility and DeFi risks, Wall Street analysts’ consensus has still given the stock a ‘moderate buy’ rating. The price target is $53.75, suggesting a 66% upside potential from press time levels. 

Final Summary

• Figure erased part of April gains amid the ongoing West Asia crisis and crypto market swings. 
• Still, Wall Street analysts have given the stock a ‘moderate buy’ rating with 66% upside potential.