This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Figure went public yesterday, and Gemini was set to follow suit today. Somewhat related (you’ll see), we were reminded of how the biggest asset managers could help fuel a tokenization boom. 

Let’s hone in on Figure, which just debuted on the Nasdaq. Shares of FIGR opened at $36 on Thursday — 44% above its $25 IPO price. The stock was trading around $33.20 at 1:30 p.m. ET. 

Making another appearance in this newsletter (after I cited his COIN vs. HOOD report) is Blockworks Research’s Marc Arjoon. His latest write-up points out a regulatory edge Figure has over certain…

Read more on Blockworks