Galaxy Digital Holdings Ltd, the crypto-focused financial services firm led by Mike Novogratz, officially launched GalaxyOne, a retail-oriented super-app designed to bridge traditional finance and digital assets for U.S. users.

This marks Galaxy’s major push into the consumer market, building on its institutional expertise in crypto lending and trading. The platform is available nationwide via mobile app and web, and it’s built on the technology from Fierce, a fintech startup Galaxy acquired for $12.5 million in December 2024.

GalaxyOne combines yield-generating accounts, crypto trading, and stock/ETF brokerage into a single, seamless interface. FDIC-insured high-yield savings account via Cross River Bank up to $250,000 insured. Interest calculated daily and auto-reinvestable into crypto like BTC, ETH.

Structured investment note backed by Galaxy’s $1.1B institutional lending book. Minimum $25K investment, max $1M per user overall program cap: $250M. Interest paid monthly into Cash account. Up to 8.00% APY for accredited U.S. investors only.

Not FDIC-insured; requires income/net worth eligibility (e.g., $200K+ annual income or $1M+ net worth). Powered by Galaxy’s lending operations—no teaser rates.

GalaxyOne Crypto

Trade and custody major digital assets, starting with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Paxos Gold (PAXG). Custody via regulated partner Paxos. The platform emphasizes simplicity and automation—e.g., you can earn yield on idle cash and instantly reinvest into crypto or stocks without switching apps.

All crypto assets are held in regulated custodial wallets, and the app prioritizes security with features like two-factor authentication and real-time monitoring. This launch positions GalaxyOne as a direct rival to apps like Robinhood, Coinbase, SoFi, and Cash App, which also blend crypto, stocks, and banking.

Galaxy’s institutional-grade yields tied to its proven lending desk and crypto depth, appealing to yield-hungry users in a low-interest-rate environment. Post-announcement, Galaxy Digital’s stock surged 8% to around $15.20, reflecting investor optimism about retail expansion.

Early buzz on X highlights the yields and ease of use, with users calling it a “Robinhood killer” for crypto natives. However, the 8% tier’s accreditation barrier limits it to high-net-worth individuals, while the 4% cash option is broadly accessible. High volatility; potential for total principal loss. Not FDIC/SIPC insured.

Yields: 8% APY involves lockup risks and is unsecured; rates could fluctuate with market conditions. Fully compliant for U.S. users, but international access is unavailable at launch. The launch of GalaxyOne by Galaxy Digital has significant implications across retail investing, the crypto industry, and the broader financial landscape.

Combining crypto trading, stock/ETF brokerage, and high-yield savings in one app lowers barriers for retail users who might otherwise juggle multiple platforms such as Coinbase for crypto, Fidelity for stocks, Marcus for savings. This could shift user behavior toward unified fintech apps, intensifying competition with Robinhood, SoFi, and Cash App.

The 8% yield’s restriction to accredited investors requiring $200K+ income or $1M+ net worth reinforces wealth inequality in access to high-yield opportunities. Non-accredited users are capped at 4%, which, while solid, may feel exclusionary, potentially sparking demand for more inclusive structured products.

GalaxyOne’s regulated, user-friendly interface built on Fierce’s tech could accelerate crypto adoption by making digital assets as accessible as stocks. Auto-reinvestment of yields into Bitcoin or Ethereum simplifies entry for non-crypto natives, potentially onboarding millions to crypto markets.

Leveraging Galaxy’s $1.1B institutional lending book for yields and Paxos for custody adds trust, addressing concerns about crypto scams or exchange failures (e.g., FTX). This could pull users from less-regulated platforms, especially post-2022 crypto scandals.

Starting with major assets BTC, ETH, SOL, PAXG and promising more tokens, GalaxyOne could drive trading volume and liquidity in the crypto market. Planned staking/lending features may further integrate DeFi-like yields into a regulated framework, appealing to risk-averse retail users.

GalaxyOne’s zero-spread crypto trading and commission-free stock trading directly challenge Robinhood and Coinbase, which rely on spread-based revenue or higher fees. The 8% yield also outpaces most fintech savings accounts. Rivals may need to innovate or cut fees to compete.

Traditional banks, already struggling with low savings rates, face further erosion as GalaxyOne’s 4% FDIC-insured account offers better returns with crypto upside. This could force banks to rethink retail offerings or partner with crypto firms.

Galaxy Digital’s 8% stock surge post-launch to ~$15.20 signals investor confidence in its retail pivot. If GalaxyOne captures significant market share, it could elevate Galaxy’s valuation and influence in fintech, potentially sparking M&A activity in the crypto-fintech space.

The 8% yield’s unsecured nature and crypto’s volatility introduce risks. A market downturn or lending defaults could dent Galaxy’s lending book, impacting yields or investor confidence. Retail users new to crypto may also misjudge risks, necessitating clear disclosures.

The $250M cap on the Premium Yield program and $1M per-user limit suggest constrained capacity, potentially capping growth unless Galaxy expands its lending operations. Regulatory caps on uninsured products could also hinder scaling.

With global interest rates still low in many markets, GalaxyOne’s high yields could pull capital from traditional savings or bonds, redirecting it to crypto-backed products. This might amplify crypto’s role in retail portfolios but also heighten systemic risk if markets crash.

The app’s sisimplicity like the auto-reinvesting yields into crypto could educate retail users about digital assets, fostering financial literacy but also raising concerns about overexposure to volatile markets without adequate risk warnings.

Planned features like DeFi integrations and advanced analytics could make GalaxyOne a hub for sophisticated retail investors, potentially integrating AI-driven tools like those from xAI for portfolio management.

GalaxyOne’s launch is a bold step toward mainstreaming crypto within a regulated, user-friendly platform, challenging fintech incumbents and banks alike. Its high yields and all-in-one design could drive retail adoption, but risks like crypto volatility, regulatory shifts, and exclusivity barriers loom.

Analysts at Bernstein Research launched coverage of Figure Technologies (NASDAQ: FIGR), a blockchain-based lending platform, with an “Outperform” rating and a $54 price target. This implies approximately 35% upside potential from the stock’s closing price of $40 on Friday, October 3, 2025

Following the note, FIGR shares rose about 6% in early trading on Monday, reaching around $42.76. Bernstein positions Figure as a pioneering force in tokenizing real-world assets (RWAs), particularly in the credit markets, drawing parallels to how stablecoins revolutionized payments.

The firm argues that blockchain tokenization will “digitize and disintermediate” the $2 trillion+ U.S. consumer lending market by enabling faster, more efficient transactions without heavy reliance on intermediaries

Figure holds ~75% share of the $17 billion tokenized private credit market, making it the dominant player. Overall, ~$33 billion in RWAs excluding stablecoins are currently tokenized on blockchains, with private credit leading the charge.

Figure’s Provenance blockchain and Connect marketplace transform traditional “balance-sheet heavy” lending into a “capital-light” model. This reduces operating costs by over 90% and loan turnaround times by ~75%, allowing investors direct access to tokenized consumer loans.

Bernstein forecasts 30% annual revenue growth, from $341 million in 2024 to $754 million by 2027. Earnings are expected to quadruple to $427 million, with margins expanding from 30% to 57%

Founded in 2018 by former SoFi CEO Mike Cagney, Figure originated $5.1 billion in home equity line of credit (HELOC) loans in 2024, capturing 13% of the non-bank market. Analysts predict this share will grow to 25% by 2027, with tokenization extending to equities and other assets

At current levels, FIGR trades at ~19x EV/2027 EBITDA and 30x P/E—a premium multiple justified by its first-mover advantage, profitability, and exposure to the booming RWA tokenization trend. The $54 target suggests a ~$11.5 billion market cap

Figure went public in early September 2025, pricing its IPO at $25 per share and raising nearly $788 million at a $787.5 million valuation. Shares have since surged ~75%, reflecting strong market enthusiasm for blockchain’s role in traditional finance.

This coverage aligns with a wave of bullish initiations from firms like Goldman Sachs, Piper Sandler, and Mizuho, underscoring Figure’s potential as “the Nasdaq of blockchain-based lending.”

The $54 price target implies ~35% upside from the October 3, 2025, closing price of $40, signaling strong confidence in Figure’s growth. The 6% stock price increase to ~$42.76 on October 6 reflects immediate market enthusiasm.

Trading at ~19x EV/2027 EBITDA and 30x P/E, Figure commands a premium due to its first-mover advantage in tokenized lending. Investors may see this as validation of its high-growth potential, though some may question the rich valuation.

Combined with bullish coverage from firms like Goldman Sachs and Piper Sandler, Bernstein’s note could attract more institutional and retail investors, potentially driving further stock gains.

Bernstein’s framing of Figure as a leader in tokenizing real-world assets (RWAs) underscores blockchain’s growing role in transforming the $2 trillion+ U.S. consumer lending market. This could accelerate institutional adoption of blockchain for credit products.

Figure’s Provenance blockchain and Connect marketplace reduce reliance on traditional intermediaries, cutting costs by over 90% and loan turnaround times by ~75%. This efficiency could pressure legacy lenders to adopt similar technologies or lose market share.

With ~$33 billion in tokenized RWAs excluding stablecoins and Figure’s 75% share of the $17 billion tokenized private credit market, the firm is well-positioned to capture growth as tokenization extends to equities and other assets.

Bernstein’s forecast of 30% annual revenue growth from $341M in 2024 to $754M by 2027 and earnings quadrupling to $427M with 57% margins highlights Figure’s scalable, capital-light model. This could make FIGR a compelling growth stock.

Figure’s 13% share of the non-bank HELOC market in 2024, projected to reach 25% by 2027, positions it as a leader in a high-demand segment, especially as home equity lending grows amid high interest rates.

Figure’s dominance in tokenized private credit gives it a head start, but competitors may emerge as blockchain adoption grows. Established fintechs or banks could challenge Figure if they invest heavily in similar platforms.

While blockchain offers efficiency, regulatory scrutiny of tokenized assets and decentralized finance (DeFi) could pose challenges. Figure’s ability to navigate regulations will be critical to maintaining its edge.

Figure’s success could inspire other fintechs to integrate blockchain, accelerating the convergence of traditional finance and DeFi. This may lead to new business models and investment opportunities.

Bernstein’s view of Figure as “the Nasdaq of blockchain-based lending” suggests tokenized platforms could redefine capital markets, making them more accessible, liquid, and efficient. This could attract significant capital inflows to blockchain-focused firms.

The projected growth of tokenized RWAs could shift investor attention toward companies like Figure, driving capital toward blockchain innovators and potentially creating a new asset class.

Achieving 30% revenue growth and 25% HELOC market share requires flawless execution, including technological reliability and customer adoption. High interest rates or economic slowdowns could dampen demand for HELOCs, impacting Figure’s growth trajectory.

Bernstein’s bullish outlook reinforces Figure’s position as a trailblazer in blockchain-based lending, with significant implications for its stock performance, the adoption of tokenized assets, and the evolution of credit markets. Investors may see FIGR as a high-growth opportunity, but risks like regulation and competition warrant caution.