Figure Technology Solutions is pointing to a strong second quarter in its consumer lending marketplace business, reporting $4.3 billion in consumer loan marketplace volume—up 132% year over year. The company also said profitability improved sharply, with quarterly net income nearly tripling as results continued to scale alongside its marketplace platform.

In a statement released Thursday, Figure said net income rose 192% year over year to $87 million, up from roughly $30 million. Net revenue more than doubled to $226 million, and net income margin increased by 10.5 percentage points to 38.8%.

Key takeaways

• Figure posted $4.3 billion in consumer loan marketplace volume for Q2 2026, up 132% from the prior year.
• Net income grew 192% year over year to $87 million, while net revenue increased to $226 million.
• The company’s marketplace volume includes loans originated via its system plus third-party loans traded on Figure Connect; Figure Connect represented $2.8 billion (65%) of the quarter’s total.
• Marketplace volume rose 262% year over year after the platform launched in June 2024, and Figure added 102 loan-origination partners in the quarter.
• Figure expects third-quarter marketplace volume of between $4.8 billion and $5.2 billion.

Marketplace growth and profitability accelerate

Figure’s quarterly update highlights both top-line expansion and a wider path to profit. The $4.3 billion in consumer loan marketplace volume reflects activity across the company’s lending marketplace, which aggregates loan products and routes them through its origination and trading infrastructure.

According to the company’s figures, the scale of the quarter also translated into improved margins. Net income margin rose to 38.8%, helped by revenue growth that outpaced costs as the marketplace expanded.

The company’s disclosed performance matters for investors because it signals that growth in marketplace volume is not merely adding transactions—it is improving efficiency, at least within the time window covered by the quarter’s financial results.

What’s included in “marketplace volume”

Figure’s reported marketplace volume is not a single product line; it combines multiple loan categories processed through its loan origination system and loans traded through its marketplace infrastructure.

The company said marketplace volume includes:

• Home equity lines of credit
• Debt-service coverage ratio loans
• Personal loans processed through Figure’s loan origination system
• Third-party loans traded on Figure Connect

For the quarter, Figure Connect activity totaled $2.8 billion, making up 65% of the overall marketplace volume. That mix is notable because it indicates that the marketplace is increasingly dependent on—and benefited by—third-party lending flows rather than only Figure’s own origination pipeline.

Figure Connect launched as part of the broader marketplace approach, and the company’s disclosures suggest third-party participation is becoming a consistent driver of volume.

Momentum since June 2024 and partner expansion

Figure launched its consumer loan marketplace in June 2024. Since then, the company’s year-over-year comparison has shown steep growth. For Q2, Figure reported marketplace volume up 262% from the same period last year.

Operationally, Figure also emphasized partner growth. It added 102 loan-origination partners during the quarter, taking its total to 489. Partner expansion is a key lever for marketplace businesses because it can broaden supply and increase match rates between lenders and borrowers, which in turn can support continued volume growth.

In addition, Figure’s management said weekly loan applications surpassed $1 billion in July. While that metric is not directly equivalent to marketplace volume, it offers a signal about pipeline strength leading into the period.

Guidance and what investors should watch next

Looking ahead, Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter. That guidance implies further growth from the $4.3 billion level reported for Q2.

For market participants, the main question is whether the company can sustain the relationship between volume growth and margin expansion. With Q2 results showing a substantial jump in net income and a widening net income margin, investors will likely watch for whether future quarters maintain similar efficiency as volumes scale—particularly given the marketplace mix that relies heavily on third-party loans via Figure Connect.

Analyst commentary highlighted by the company’s announcement also points to the marketplace’s data visibility. Bernstein analysts, in coverage dated May, predicted record second-quarter volume for Figure and tied that expectation to what they described as live blockchain data that could allow investors to monitor lending activity more closely in real time.

Figure’s next reporting cycle will therefore be closely watched for confirmation that application strength continues to convert into marketplace volume, and for evidence that partner growth and Figure Connect participation remain steady enough to support the mid-point of its Q3 range.

As Figure moves through the third quarter, traders and long-term investors alike should watch for whether reported volume continues to rise in line with guidance—especially the contribution from Figure Connect—and whether improved profitability persists as the company scales its marketplace network.

Bitcoin (BTC) edged away from weekly lows on Thursday after the US Producer Price Index (PPI) narrowly cooled in July.

Key points:

• Bitcoin avoids further downside as US PPI data provides a boost to US equities.
• Cleveland Fed president stays hawkish on the outlook for interest-rate policy. 
• Bitcoin long liquidations make $61,000 a key level to watch.

July PPI extends cooler US inflation trend

BTC/USD was up around 0.5% on the day near $63,900 with volatility broadly absent, data from TradingView showed.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The July US Producer Price Index (PPI) print was unchanged month-on-month at 0.2%, while year-on-year increased 4.7% versus an anticipated 4.9%, per data from the Bureau of Labor Statistics (BLS).

“In July, a 0.2-percent increase in the index for final demand services and a 2.2-percent advance in prices for final demand construction offset a 0.7-percent decrease in the index for final demand goods,” the BLS release said.

“Falling gasoline and energy prices provided the biggest relief,” Econoday analysts highlighted.

US PPI one-month % change. Source: BLS

US stocks gained at the Wall Street open as PPI further cooled market bets on interest-rate hikes from Federal Reserve policymakers. The S&P 500 index and tech-heavy Nasdaq Composite index were up 0.87% and 0.94%, respectively, at the time of writing.

CME Group’s FedWatch Tool showed 65.6% odds of those policymaker holding rates at the current 3.50-3.75% level at the Federal Open Market Committee (FOMC) September meeting. Wednesday’s July Consumer Price Index (CPI) numbers matched expectations, already resulting in a boost to the rate-pause outlook.

Fed target-rate probability comparison for September FOMC meeting (screenshot). Source: CME Group

After their biggest split over the interest-rate path since 1970 in July, Fed officials continued to strike a cautious tone over policy. Speaking at an event with the Dayton Area Chamber of Commerce in Kettering, Ohio, Cleveland Federal Reserve Bank president Beth Hammack questioned whether even recent cooler data prints would be enough to bring inflation down to the Fed’s 2% target.

“Maybe we’d get there, but if it takes another three to four years to get there, is that OK? Is that enough?” she said, quoted by Bloomberg.

Hammock was one of three officials to vote in favor of a 0.25% rate hike in July.

Related: Bitcoin speculators keep BTC price ‘pinned’ below $68.7K: Glassnode

Bitcoin faces long position liquidations at $61,000

With BTC price action still acting within a tight range, market participants’ attention focused on the extremes.

Rafael Schultze-Kraft, cofounder of onchain analytics platform Glassnode, suggested that $61,000 could become a flashpoint thanks to the large potential long position liquidations that would occur if price were to reach it.

“Long liquidation risk has built up around $61K in the past weeks. If we get there, I’d expect forced selling to add momentum to the downside,” he wrote in a Tuesday X post.

Previously, Cointelegraph reported on $63,000 now forming another key BTC price level as repeated retests increased the odds of support failure.

Bitcoin futures liquidation heatmap. Source: Rafael Schultze-Kraft on X.com

Cryptocurrency wallet company Trezor reported a breach of personal data affecting about 14,000 users through its shipping provider, ShipMonk. 

Trezor’s Wednesday blog post said users who received its products from the US, UK, Sweden, Colombia, Brazil, Italy, and Portugal between May 10 and Aug. 8 were at risk from potential phishing attacks using their personal information. The company reported that 11,742 customers could have had their name, physical address, phone number, and email address compromised, while 1,947 users potentially had their name, city, and email address breached.

“To be clear, our systems were not compromised, and your Trezor device is secure, but the affected customers might be targeted by more sophisticated phishing attempts,” said the company. “Scammers can use the leaked information to send fake emails, make fake phone calls, send fraudulent letters, or potentially impersonate banks, crypto exchanges, or even Trezor.”

The breach was the latest incident involving scammers potentially targeting crypto holders using personal data. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021. 

Crypto wallet users have revealed that scammers use a variety of techniques in attempts to gain access to their funds, including through physical letters in the mail. Other methods include text messaging, emails and phone calls claiming to be family members in need of help or impersonating authorities asking for repayment of a fake debt.

Related: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Decentralized finance (DeFi) protocol Neutrl has suspended minting and redemptions for its NUSD synthetic dollar after unspecified circumstances affected protocol reserves, leaving the cause and scale of any potential impairment unclear. 

On Thursday, Neutrl said it had also paused other protocol functions on legal advice while it assesses the impact. The protocol did not identify the affected asset or counterparty, say whether reserves suffered a realized loss or provide a timeline for resuming operations. 

Structured-yield protocol Strata later said it paused minting, redemptions and related functions for contracts in its Neutrl market, which supports several NUSD-linked products. Strata said its other markets remained operational. 

With about $53.6 million in NUSD in circulation, the suspension prevents approved counterparties from exchanging the token for its backing assets while Neutrl determines whether its reserves have been impaired. Neutrl said it would provide timing and next steps when available. 

Cointelegraph contacted Neutrl for comment but had not received a response by publication. 

NUSD supply falls 18% over 30 days

According to RWA.xyz, NUSD had a market capitalization of about $53.6 million on Friday, down 18.4% over 30 days, while monthly transfer volume fell 72.4% to $71.4 million. However, the data does not establish that the earlier contraction was related to the reserve issue.

The synthetic dollar is designed to track the US dollar using yield-bearing crypto assets and market-neutral strategies rather than deposits held in a bank. RWA.xyz showed NUSD trading at about $0.9984, with 615 holders and 347 active addresses over the preceding 30 days. 

On May 25, verification platform Accountable said its Neutrl dashboard provided continuous cryptographic proof that NUSD reserves matched the protocol’s liabilities. 

Related: ‘DeFi doesn’t exist anymore,’ just onchain finance: Andre Cronje

A February assessment by risk-advisory team BA Labs nevertheless classified a proposed Neutrl integration as higher risk because of counterparty, operational and liquidity exposure. It said direct redemptions were limited to KYC or KYB-approved counterparties and that requests exceeding the liquid buffer could enter a queue targeted for completion within 48 hours, without a guarantee. 

BA Labs estimated NUSD supply at $226 million and reserves at $233.7 million at the time, implying a 103.6% collateralization ratio. It said more than 87% of reserves were held through Fireblocks, while smaller amounts sat on centralized exchanges.

Magazine: Inside the fake crypto startup that fooled North Korean IT workers

Controversy

Bitcoin (BTC), by any measure, still remains stuck in a tight trading range, but there has been some movement of note on Thursday.

Sadly for bulls, the coiled spring theory isn’t yet working. Instead, BTC is headed lower, sliding below $63,000 at one point earlier this afternoon. It’s currently trading at $63,100 down about 0.5% over the past 24 hours. Other crypto majors are seeing similar declines.

The small losses are happening even as the interest rate picture in the U.S. is improving. Decent inflation reports yesterday and today appear to have taken the idea of a September Federal Reserve rate hike off the table.

The two-year Treasury yield, which was above 4.30% just days ago, has slid back to 4.14%, reflecting the sharply lower odds of tighter monetary policy.

Other risk assets — particularly U.S. stocks — continue to be where the action is. Higher by another 0.55% on Thursday, the S&P 500 notched another record high.

Brazil’s largest bitcoin BTC$63,396.12 treasury firm, OranjeBTC, is preparing to list a monthly income exchange-traded fund (ETF) that would initially put 95% of its portfolio in Strategy’s (MSTR) preferred stock, STRC, and the rest in Strive’s (ASST) equivalent, SATA.

STRC and SATA pay recurring U.S. dollar distributions. The companies’ bitcoin remains on their balance sheets and is not pledged to the preferred shareholders. Yields are currently at 12.5% and 13.1%, respectively.

The Digital Yield ETF, or DIGY11, is planned to trade on Brazil’s B3 in the country’s fiat currency, the real, and distribute income monthly.

OranjeBTC, which holds 3,950 BTC ($250 million), expects annual distributions to be equivalent to Brazil’s risk-free rate, the Interbank Deposit Certificate (CDI), of 14.15%, plus roughly 3–5 percentage points, net of the fund’s estimated 1.30% total cost.

The estimate depends on the preferred-share distributions and the interest-rate difference between Brazil and the U.S., OranjeBTC Director of Strategy and Research Sam Callahan told CoinDesk. It excludes changes in DIGY11’s share price and does not guarantee returns.

Figure Technology Solutions posted a sharp jump in its consumer loan marketplace activity for the second quarter, reporting $4.3 billion in marketplace volume—up 132% year over year. The company also highlighted improved profitability, with quarterly profit nearly tripling and net income rising 192% to $87 million.

In its latest quarterly update, Figure said net revenue more than doubled to $226 million. It also reported an expanded net income margin of 38.8%, an increase of 10.5 percentage points from the prior year period.

Key takeaways

• Figure reported $4.3 billion in consumer loan marketplace volume for Q2 2026, up 132% year over year.
• Net income surged 192% to $87 million, while net revenue rose to $226 million.
• Third-party loans on Figure Connect made up $2.8 billion (65%) of the quarterly volume.
• Figure expects Q3 consumer loan marketplace volume between $4.8 billion and $5.2 billion.
• The company says weekly loan applications exceeded $1 billion in July.

Marketplace volume accelerates, profit improves

Figure’s growth was driven by expansion across the products routed through its loan origination system and its trading activity on Figure Connect. The company defines marketplace volume as including home equity lines of credit, debt-service coverage ratio loans, and personal loans processed through its origination platform, as well as third-party loans traded on Figure Connect.

According to Figure, third-party loans accounted for $2.8 billion of the $4.3 billion total in Q2—representing 65% of marketplace volume. That mix matters because it suggests the marketplace’s scale is not only dependent on Figure originating loans itself, but also on external participants using Figure Connect to trade.

Figure also said marketplace volume increased 262% compared with the same period last year. The company launched its consumer loan marketplace in June 2024, and it is now scaling both its underlying origination network and its partner-driven trading ecosystem.

Partner growth and the “application” signal

Beyond the topline numbers, Figure tied its momentum to supply-side expansion. During the quarter, it added 102 loan-origination partners, bringing the total to 489.

The company’s CEO, Michael Tannenbaum, also pointed to demand and throughput indicators. He said weekly loan applications surpassed $1 billion in July. While applications are not the same as funded volume, the figure is often used by consumer finance marketplaces as a forward-looking signal for how much loan demand is entering the system—particularly in an industry where conversion from application to funded loan can fluctuate based on underwriting and capital availability.

For investors and market participants, these details provide a more complete picture than quarterly volume alone: volume is the outcome, while applications and partner counts can help explain what might drive the next quarters’ results.

What to watch in Figure’s outlook

Looking ahead, Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion for the third quarter. The midpoint implies continued growth from the reported $4.3 billion in Q2, suggesting Figure believes current momentum can carry into the next reporting period rather than being a one-quarter acceleration.

The company’s guidance also gives traders and lenders a measurable benchmark to monitor. If actual volume tracks toward the top end of the range, it could reinforce the idea that the marketplace’s scale effects—more partners, steady application flow, and a larger trading share from Figure Connect—are compounding. If results fall toward the low end, it may indicate that growth is increasingly constrained by underwriting capacity, pricing dynamics, or the availability of capital through its ecosystem.

Why blockchain-linked transparency is part of the narrative

Figure’s quarterly report arrives amid continued investor interest in how blockchain-based marketplace activity could be monitored. Bernstein analysts, in a prediction made in May and cited in the company’s reporting, said Figure’s Q1 results demonstrated the “uniqueness” of blockchain marketplaces. They also argued that live blockchain data could increasingly allow investors to track Figure’s lending activity in real time.

That framing is relevant because it suggests Figure is not only competing as a consumer finance platform, but also as a system designed to make certain marketplace activity more observable. If that transparency thesis holds up, it may help investors evaluate momentum with less delay than traditional financial reporting—though the extent of what can be reliably inferred from on-chain activity is still something markets will test over time.

Earlier coverage from Cointelegraph had highlighted the Bernstein view about the potential for real-time monitoring via blockchain data. As Figure scales, the industry will likely watch whether that observability translates into better risk assessment, stronger participation, or improved market confidence in marketplace performance.

For now, the most immediate checkpoints are Figure’s next quarterly volume print versus its $4.8 billion–$5.2 billion Q3 outlook, whether third-party participation on Figure Connect continues to hold a majority share, and how application momentum reported in July translates into funded loans over subsequent weeks.

Figure Technology Solutions reports strong second quarter 2026 (investor relations)