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Mike Cagney 🇺🇸
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Mike Cagney 🇺🇸
@mcagney
@Figure (FIGR) executive board chair, co-founder of Figure, @Provenancefdn (HASH) and @SoFi (SOFI). Views are my own, not investment advice.
San Francisco Katılım Mayıs 2009
184 Takip Edilen23.9K Takipçiler
@faryarshirzad @mcagney did your TA language get in?
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The final rewards text in the CLARITY Act is now public.
We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works.
Nevertheless, the crypto industry showed up to engage. Through months of meetings, the @WhiteHouse, @USTreasury, @BankingGOP, @SenThomTillis and @Sen_Alsobrooks finally arrived at a compromise.
In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of crypto platforms and networks. We also ensured the US can be at the forefront of the financial system – which in this competitive geopolitical era is paramount.
That’s important for innovation, consumers and America's national security.
Now that this issue is behind us, it’s time to focus on the broader bill. While this debate has been underway, lots of progress has been made on other areas like token classification, defi, and tokenization. We’re excited to review the full, final text, and for the bill to move forward.
It’s time to get CLARITY done.
Brendan Pedersen@BrendanPedersen
SCOOP: Sens. Tillis and Alsobrooks have finalized a compromise on stablecoin yield. Punchbowl News has the text - bans rewards that are “economically or functionally equivalent” to deposit interest - balances *can* be used for rewards if companies clear the “equivalent” test
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@black_metta I keep a low profile.
I'm encouraged - but it's not out of the woods yet. There are still conflicts on ethics. But at least it's a hurdle surmounted.
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@mcagney Firstly, I can't believe you don't have more followers! Secondly, what's your thoughts on the latest Clarity news?
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I appreciate all of the engagement I’ve gotten on the SPAC post (x.com/mcagney/status…). One of the things that it clearly showed is that I needed to provide more context on how the SPAC works.
If Figure were to do a SPAC, we would be the SPAC sponsor. This means we would put up a small amount of at-risk capital, we would raise money through an IPO process, and we would seek a company to merge the SPAC into (to de-spac). This would not impact Figure’s balance sheet (other than the $5M earnest money) or cap table (share count).
If we were successful in merging, Figure would earn a promote fee on the transaction which would equate to up to 20% of the post IPO / pre-merged company shares plus potential upside. On a deal like the one Cantor is doing with Securitize, for example, that would translate to roughly $50M with upside.
Our motivation for doing this wouldn’t be the promote economics, however. It would primarily be our ability to drive adoption of Figure’s ecosystem (e.g., YLDS, Connect, etc.), where such adoption makes more sense than an acquisition. And a tertiary benefit is both the SPAC and the merged company would list on OPEN.
To me, the biggest drawback here is team focus. Figure is growing rapidly, and we don’t need a transaction like this to continue that growth. However, these markets are episodic and fickle, and might not be open again in a year or two.
I appreciate everyone’s thoughts here, and will revert if our thinking evolves from the brainstorming stage.
Mike Cagney 🇺🇸@mcagney
Ok - a few years back, we launched a SPAC - FACA. At the time, the SPAC market turned south, and while we had some interesting acquisition targets, we felt any transaction would not hold the $10 par value and chose to return the capital rather than launch a deal where we got paid but investors lost money. Ironically, I think that made us one of the better performing SPACs in that peer group. We are considering trying this again. The idea would be to launch a SPAC that could acquire an entity that could derive significant enterprise value from some combination of Connect, Democratized Prime and YLDS. That could be an asset originator that can benefit from the Connect/Democratized Prime capital market, a fintech that could swap its ledger to YLDS, among others. And of course, we'd dual list the SPAC and the resulting company on OPEN. The goal here is to triple dip. We can make money for Figure shareholders on the SPAC economics, we drive more usage on the Figure ecosystem and we get another listing on OPEN. While I like the idea, we also have a lot going on, and we are executing in rare air - 100% growth rate, 50% EBITDA margins - blowing way past the "rule of 40". I'm curious what the X universe thinks. Let me know below...
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Let's partner with t-zero. BBBY does an S3 - boilerplate from Figure's issue - no listing fees/costs. We allow for a blockchain share class. t-zero provides market access. We get a market maker, and shares are 1:1 convertible to/from blockchain to NYSE.
We work with t-zero to run a campaign to migrate as many shares as we can from NYSE to blockchain. Then borrow/short has to happen on chain, with real time visibility. Any specialness (high borrow) in the stock accrues to shareholders.
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TZROP holders have approved the conversion amendment. Thank you to the 1,594 holders who voted, representing about 72% of outstanding shares!
This marks a key milestone in simplifying @tZERO’s capital structure and advancing alignment with our early investors.
More updates to follow as the conversion proceeds.
🔗 tzero.com/news/tzrop-hol…
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Ok - a few years back, we launched a SPAC - FACA. At the time, the SPAC market turned south, and while we had some interesting acquisition targets, we felt any transaction would not hold the $10 par value and chose to return the capital rather than launch a deal where we got paid but investors lost money. Ironically, I think that made us one of the better performing SPACs in that peer group.
We are considering trying this again. The idea would be to launch a SPAC that could acquire an entity that could derive significant enterprise value from some combination of Connect, Democratized Prime and YLDS. That could be an asset originator that can benefit from the Connect/Democratized Prime capital market, a fintech that could swap its ledger to YLDS, among others. And of course, we'd dual list the SPAC and the resulting company on OPEN.
The goal here is to triple dip. We can make money for Figure shareholders on the SPAC economics, we drive more usage on the Figure ecosystem and we get another listing on OPEN.
While I like the idea, we also have a lot going on, and we are executing in rare air - 100% growth rate, 50% EBITDA margins - blowing way past the "rule of 40". I'm curious what the X universe thinks. Let me know below...
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We're launching an initiative at Figure and looking for a senior (C-level) marketing professional to help in what we're doing. Think of it as an independent startup within the company, and an AI-centric effort across all facets of the business - product, engineering, legal, finance...and marketing.
I'm posting what we're looking for below. If you (or someone you know) fits the bill here, please reach out to me with a CV.
- Success marketing traditional finance and/or blockchain products to retail and institutional investors
- Strong understanding of AI in marketing, including content creation, contextual outreach, social management and channel optimization
- Solid grounding in and belief of self-custody, distributed applications versus fintech super apps
- Hands on player/coach comfortable working with a small, nimble team in a 0 to 1 startup environment
- Experience managing mobile application app store processes
- Strong media relationships with proven track record of managing earned and paid media
- Successful background that should include some combination of fintech, online banking/payments, investing, DeFi, crypto and AI
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It's great to see @NUVAFinance building on @provenancefdn and accessing @HastraFi for RWA yield. Excited to see how this grows!
Yat Siu@ysiu
Excited to announce the next phase of @NUVAFinance with a round led by @morgancreekcap. Excited to have @sjaitly join myself and @mcagney on the board of Nuva with the goal to bring institutional-grade RWAs to the world! theblock.co/post/399222/rw…
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@RUNTheCure @marcuslemonis @joebet68 @tZERO @robshapiro @Alan_Konevsky @darkside2030 We should list BBBY on OPEN...
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@marcuslemonis @joebet68 @tZERO @robshapiro @Alan_Konevsky Adding @mcagney to the list of people who can help you learn, if you're willing to dig in...☝️ $BBBY
Also, @darkside2030 would be a GREAT connection for you! He has insider knowledge on how these games are/were played when he worked on Wall Street.
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There's actually a different problem. RWA issuance is happening - we have plenty of supply onboarding via 3rd parties. The issue is, there isn't enough capital. We need tradfi dollars to move over. The biggest impediment to that is the wallet experience. That is something I'm thinking a lot about.
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@provenancefdn @mcagney What is currently the single biggest constraint preventing institutional capital and third-party RWA adoption from scaling on Provenance?
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We're covering the most pressing questions from the community with answers you've been waiting for.
Catch @mcagney live for a Provenance Pulse.
Questions?
Drop them below, this is your chance!
Save the date 📅 April 27th
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@EpochParallax @provenancefdn I would like FGRS to be a staking asset, but I don't know how to do that (yet) without a dillutive effect on HASH. Brainstorming here. HASH is the staking asset and fee transfer medium today.
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@provenancefdn @mcagney As Figure expands the ecosystem, can you clarify whether HASH remains the primary value-accrual layer, or whether future assets like FIGD could shift where economic value concentrates?
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@EpochParallax @provenancefdn I'm not sure a reverse split does anything - I'm not a fan of it. Happy to here the counter here.
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@provenancefdn @mcagney Under what conditions, if any, would a reverse split or token re denomination be considered for HASH, and how do you weigh potential market-structure benefits against long-term investor confidence?
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@HettyGreen2020 @aayushtrades The sponsor is wholly owned. The SPAC is a public company with its own capital.
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@aayushtrades @mcagney Free lunch huh? I don’t think so.
He said in a reply it would be a subsidiary. Not separate.
How it will be a majority owned sub without a sizable investment?
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@AtlasShrug1 @HettyGreen2020 @aayushtrades Well, we have a track record of not burning SPAC investors and wouldn't stretch on a deal, but reputational risk is always a consideration.
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@mcagney @HettyGreen2020 @aayushtrades The main risk to me is that SPAC investors get burned and that reputation-wise there could be spillover to $FIGR management. The target would have to be a layup, something that could work even in a sloppy macro environment. Otherwise not worth it imo.
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@HettyGreen2020 @aayushtrades It isn't shareholder money. The SPAC raises outside capital. The capital gets deployed through combining with a separate company, where the combination is a public company.
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@aayushtrades @mcagney Yeah using shareholder money to buy someone unproven - that you could just partner with - when you’re supposed to be capital light - scares the pi$$ out of ppl
Focus on the core, let the novel stuff season.
Dont force it with capital and engineering. It looks desperate
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@HettyGreen2020 The SPAC wouldn't be dilutive at all. It's outside capital, flipping to a separate public company. Figure earns the fees.
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@mcagney Feels like flailing to get YLDS and OPEN moving.
Typical SPAC candidate would be hugely dilutive. $FIGR shareholders would stampede out of the stock, assuming they don't get a vote that matters.
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@Dr_Crossroads Thanks - but to clarify, I'm the chairman and co-founder, not the president.
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$FIGR This is a helpful note by Figure Tech's President. There are some short reports that insinuate the volume on the Provenance blockchain is propped up by Figure, but they're missing this crucial detail.
I'll be writing and talking more about this company soon!
Mike Cagney 🇺🇸@mcagney
@zoozai_invest The blockchain bring unparalleled transparency, and I appreciate you digging in. Figure is a very small originator. The 43% number is mostly wholesalers who use Figure's licenses. In addition, Figure funds all draws which show up here (and are a meaningful number).
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@Dominion_Market Not mutually exclusive, and there are those opportunities out there...
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@CardiCNBC Yes... Obviously not for a SPAC as you can't have a pre-existing target, but for Figure, yes.
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@mcagney Hey Mike is there another business/company out there that you think would make a great acquisition and kinda synergize as an arm for Figure?
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Also - this was supposed to be a poll but obviously I am x-inept...
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@rule_of_law_guy Yes - the SPAC would be a sub of Figure and the economics would accrue to Figure and its shareholders.
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@mcagney Who is the "we"? would Figure take a shareholder interest in the SPAC?
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