Samuel Harrison 🦇🔊

Introducing Hashi: a new era of Bitcoin finance on Sui. Bitcoin's market cap exceeds $1 trillion. < 0.5% of it is used in DeFi. Hashi is here to change that, with commitments from industry leaders including BitGo, Bullish, Erebor Bank, FalconX, Fordefi, Ledger, and more.

Figure’s lending business is seasonal. We tend to do less loans in Q4 than Q3, in particular in the December. For example, in 2024 our ecosystem originated about $1.4B in loans in Q3 and $1.2B in Q4. That’s why the numbers in this release matter. In 2025, we did $2.46B in Q3 and $2.7B in Q4, including keeping December flat to November. This is the first time Figure has done that. And it’s over 130% year over year growth. Not only did we beat everyones expectations on Q4 loan production, we pushed $YLDS to over $330M and Democratized Prime - our DeFi platform - to over $200M, up 10-15X on the quarter. And we’re just getting started. investors.figure.com/news-releases/…

Introducing the new Kamino A refreshed brand. Six new products. A platform built for the next generation of assets and institutions moving onchain. Welcome to the next chapter 🧵

Today, we’re announcing the RWA Consortium, led by Figure and key crypto partners, to bring real-world yield to @Solana. We’re setting a new standard for cross-chain RWA collaboration. This marks the first time Figure’s $1B+/month in on-chain loan originations becomes accessible to everyday DeFi users on Solana.

@gluk64 $ZK up 8% on a down day, on the back of this W 🏆

To Privacy and Freedom!

The next phase for $ZK token is real economic utility. As interop and Prividiums enter production, the network for incorruptible finance should capture the value it creates, channeling it towards ecosystem growth.

“As global capital markets move toward an always-on operating model, blockchain technology and digital asset adoption are becoming important enablers.” — Robin Vince, BNY CEO. During the @BNYglobal 3Q25 Earnings Conference Call, OpenEden was mentioned by Robin, highlighting BNY’s appointment as the investment manager and primary custodian for the underlying assets of OpenEden’s TBILL fund. This milestone reinforces our mission to be the leading RWA tokenization platform, and signals the growing institutional embrace of regulated, on-chain financial products. Listen to the full recording here: event.choruscall.com/mediaframe/web…

@moshaikh @neilhar Great squad 😀

I can count on one hand the number of crypto VCs with operator experience. Don’t get me wrong, there are a lot of great investors in the space right now. But too many funds write checks and too few help founders actually build. And it's holding the industry back. @neilhar @alextang @jerome_ and I started MFV, a $50M operator-led engine built by founders, for founders to change that.

The financial industry requires private, incorruptible systems connected as one global network. Citi, Deutsche Bank, Mastercard, and 30+ top global institutions joined us to explore the power of Prividiums. Unveiling The Prividium Breakthrough Initiative.

Congrats to our newest portfolio company, @transcrypts_ on their $15M Series Seed! We are excited to support them as they build towards user-owned credential verification, powered by blockchains.

Incorruptible Finance is now real-time. Introducing the Atlas upgrade for the ZK Stack: ✦ 15K+ TPS sequencer ✦ 1-second ZK finality via Airbender ✦ $0.0001 proving cost per transfer

Tokenized assets on Securitize surge past $4B, reaching a new all-time high. We're unifying global finance onchain as the world's largest tokenization platform.

1/ Introducing Kamino's $CASH Growth Initiative, in collaboration with @phantom, @maplefinance, and @orca_so With up to $540K in monthly incentives, exclusively on Kamino, the $CASH Growth Initiative will reward $CASH users across lending, borrowing, and liquidity vaults More Info🧵

GAIB Launches the First AI GPU RWA Vault in partnership with @worldlibertyfi USD1 on @BNBCHAIN Users can now deposit USD1 into GAIB's vaults on BNB Chain to participate in the AID ecosystem, turning GAIB’s GPU-backed assets into DeFi opportunities.

Congratulations to @Figure on their successful debut on the Nasdaq. Via blockchain, they’re revolutionizing capital markets, democratizing finance, increasing transparency & eliminating inefficiencies. Thank you @mcagney, @juneou, Michael T 🤝

@Figure @FigureMarkets @Nasdaq incredible foresight to see the revolutionary potential of RWAs & fantastic execution - well deserved and congratulations 🙌

Today, on IPO day, we rang the bell at @Nasdaq, a milestone that marks both progress and possibility. What began as an idea to reimagine capital markets through blockchain is becoming a reality with money moving faster, cheaper, and transparently. We’re just getting started.

Thoughts on the Figure (FIGR) IPO: We see Figure as a rare IPO where the base case is a relatively clear double to $40 within 12 months, with further upside to $60–75 in 18–24 months as adoption and margins expand, all without relying on aggressive multiple expansion. As longtime investors in digital asset infrastructure, here's why we're excited about this opportunity ⬇️ Structural cost advantage Figure is the first scaled, institutional-grade onchain lending platform and the clear leader in tokenized credit. We see its blockchain-native securitization model providing a structural edge: Traditional AAA securitizations require 100% loan audits at about $500 per loan, while Figure’s immutable loan-level data allows rating agencies to accept 25–30% audit sampling at about $100 per loan. This delivers ~100 bps of lifecycle cost savings per loan, a defensible advantage that improves margins as the platform scales. Growth trajectory (VanEck estimates) Figure has built meaningful scale with $12B in loans outstanding and about $750M in new originations each month (~$9B annually). That equates to ~2.9% of the $406B U.S. HELOC market on a stock basis, and closer to ~10% of incremental flow. At this pace, balances should reach ~4.5% market share by 2026, even as the broader HELOC market grows at ~9% annually. On this foundation, we estimate Figure can sustain ~30% revenue growth with ~40% EBITDA margins, putting the company on track for ~$1.3B revenue and ~$520M EBITDA by 2027. In a faster-growth case with ~50% revenue growth and ~45% margins, EBITDA could approach ~$990M over the same horizon. Valuation scenarios IPO pricing of ~$20/share (~$4.1B market cap) looks conservative relative to both current performance and forward earnings power: Base Case: With ~$520M EBITDA by 2027 and a 15–16x multiple, equity value reaches $8–8.3B, or ~$40/share within 12 months. This doubling is achievable with continued share gains in HELOC origination and recognition of its structural cost advantage. Blue Sky: With ~$990M EBITDA, a 15x multiple supports ~$15B valuation, or ~$75/share in 18–24 months. Even at a 12x multiple, equity value is ~$12B, or ~$60/share. Re-rating Potential: Circle (CRCL) trades at ~50x EBITDA today, even with the stock down 50%. Even at a more sustainable 20x multiple, Figure earning ~$1B EBITDA would support $20B+ equity value, or ~$100/share. Strategic optionality Beyond HELOCs, Figure’s infrastructure stack (DART, Democratize Prime) and its SEC-registered yield-bearing stablecoin position it as a broader origination, settlement, and liquidity platform. Stablecoin circulation is already ~$300B. If it grows to the trillions as we expect, even modest penetration could redirect tens of billions of flow through Figure’s infrastructure, generating spread capture and settlement revenues that are not in any base case. Narrative CEO @mcagney has engineered a genuine redemption arc by proving that blockchain-native credit markets can operate at scale. Institutions recognize his execution record, but we believe retail and crypto communities are only beginning to discover Figure’s potential. Post-IPO, its story of driving financial innovation onchain could capture the attention of investors drawn to transformative technology and strong growth. As investors passionate about both crypto and fundamentals, we’re excited to share why Figure’s leadership in on-chain finance could resonate with crypto enthusiasts and institutional investors alike. Why VanEck Belongs in the Book VanEck has invested in digital-asset infrastructure since 2017 across private ventures, public equities, and token markets. Our equity strategies focused on the onchain economy, have delivered strong performance and recent inflows, giving us confidence in our ability to be a long-term buyer of Figure in the open market. If you couldn't tell already, we’re fired up to back this game-changing company post-IPO!

1/ I’m excited to announce @inversion_cap seed round, led by @dragonfly_xyz with participation from some of the top funds and operators in the space. I started Inversion because I refused to wait another decade for crypto to go mainstream. Crypto has been dismissed as a casino for too long, overshadowing the teams building technology that can transform industries. Our conviction: crypto is not just speculation. It’s core infrastructure. It can make businesses run faster, cheaper, and more efficient - just as the Internet once did. So why hasn’t mainstream adoption happened? Because the industry keeps leading with speculation. If stablecoins and DeFi are so revolutionary, why aren’t billions of people using them yet? This question became the driving force behind Inversion. Our answer: invert the playbook. • Instead of building distribution from scratch, we acquire it. • Instead of waiting for businesses to adopt crypto, we buy them and lead the transformation ourselves. • Instead of forcing users to learn new tech, we make crypto invisible. • Instead of pushing ideology, we lead with business logic. At Inversion, we acquire legacy businesses and transition their operations to crypto rails - reducing fees, chargebacks, settlement times, and costs while unlocking real value through stablecoins, DeFi, and infrastructure protocols. Past cycles gave us a death by a thousand pilots from enterprises. Today, the tech is ready. It’s time to invert the playbook and hack our way to mass adoption. One of the most rewarding parts of this journey has been the people. @dannheim_ joined as our first hire after leading crypto at Goldman, and making her co-founder was a natural progression of the partnership we’ve built. We’re just getting started - and we’re hiring: 👉 #job-board" target="_blank" rel="nofollow noopener">inversioncap.com/about#job-board Read more in the Wall Street Journal: wsj.com/articles/this-… Real GDP onchain. Invert, always invert.

Just in on @CBSNews: Our founder @JanLiphardt shares how OpenMind is bringing the next generation of robots- more capable, adaptable, and collaborative- into real-world environments and homes. We’re laser-focused on real-world deployment, where humans and machines collaborate. OpenMind.