Mike Cagney![]()
Founder Cabezon
Co-Founder SoFi, Figure, Provenance and Figure Markets
Mike brings decades of experience in the financial industry to Figure. Prior to founding Figure and serving as its first CEO, he was CEO, chairman and co-founder of SoFi, a leading marketplace fintech. He was also co-founder and managing member of Cabezon Investment Group, a global macro hedge fund, in addition to serving as a non-executive chairman of ReFlow. Before Cabezon, Mike founded, was CEO and then vice chairman and chief architect of Finaplex, a leader in wealth management software that was sold to Broadridge (NYSE: BR). Prior to Finaplex, Mike was Senior Vice President and head trader for the proprietary trading and financial products group at Wells Fargo Bank.
If I was running a DAT with a NAV below par, I’d start sending the crypto in the DAT to shareholders as a non-taxable distribution of capital which should drive the price back up to par. But how do you send a Nasdaq shareholder crypto? So what I’d really do is a second DAT
Mike Cagney
Dec 18
As the market gets punch-drunk on the idea of tokenizing everything, it's worth taking a step back to ask "why tokenize something?". Generally when someone pitches me an idea of putting something on blockchain, it's because of perceived efficiencies (blockchain is generally not
Mike Cagney
Dec 17
So this MEV (maximal extractable value) thing and Solana - it's a real issue. MEV let's you pay to reorder transactions in a block. This can be problematic in certain situations - like an AMM (e.g., pancakebunny, among other examples). More broadly, it underscores the challenge
Mike Cagney
Dec 17
I'm retweeting because some of you are confusing market making and buying order flow. While related, the distinction is that firms buy flow to cross markets internally at a profit. See https://t.co/9UzzoPo73C. I'm not saying there's not role for market makers in blockchain-based https://t.co/NzUK9ujQlF
Mike Cagney
Dec 16
Citadel makes a lot of money paying for order flow. They pay over $1B a year for flow, so you can bet they made a lot more than that (they aren't in the business of losing money). The problem (for Citadel) with a blockchain native equity market is that those markets trade
Mike Cagney
Dec 13
Very excited to have the big stage at @SolanaConf this week. I got to talk about $YLDS and @HastraFi on Solana - and still got to plug @provenancefdn! So many cool things happening in the blockchain space. https://t.co/Yk3aN8gSH3
Mike Cagney
Dec 13