The CEO's annual shareholder letter warned that new tech is reshaping finance, with tokenization and blockchain competitors gaining as the bank scales its own network.

Bernstein says Figure may be undervalued as loan volumes surge and its tokenized credit platform expands, despite recent stock declines and market volatility.

Corporate Bitcoin holders split as Strategy holds firm while Nakamoto sells at a loss, exposing risks of debt-driven accumulation and a shifting treasury model under pressure.