Figure Technology Solutions announced the offering of over 4 million shares of its Series A Blockchain Common Stock. This initiative aims to operationalize public equity trading on-chain using the Provenance Blockchain and facilitate trading through an alternative trading system (ATS).
US fintech company Figure is deepening its commitment to blockchain-based capital markets with OPEN, a platform that issues and registers digital-native shares on the Provenance Blockchain and channels transactions through its own Alternative Trading System (ATS), rather than using traditional exchanges like Nasdaq. With this structure, the company aims to reduce its reliance on traditional intermediaries and reshape the mechanics of equity issuance, trading, and settlement.
Specifically, the model seeks to decrease the involvement of players such as the Depository Trust & Clearing Corporation (DTCC) and prime brokers, shorten settlement latency, and enable continuous 24/7 trading. By leveraging verifiable on-chain records and programmable settlement, Figure maintains that it can reduce operating costs while simultaneously offering greater traceability and efficiency in the post-trade cycle.
Furthermore, OPEN integrates with the firm’s broader ecosystem, opening the door to additional use cases such as lending and cross-collateralization on tokenized shares. However, the company acknowledges that, according to the U.S. Securities and Exchange Commission (SEC) staff, tokenized securities remain subject to federal securities laws, emphasizing that technological innovation does not eliminate regulatory requirements.
Terms of the Offer and Scope of Figure
In parallel with the technological rollout, Figure proposed a secondary offering of 4,230,000 shares of Series A Blockchain Common Stock, which will be sold exclusively through a prospectus once the registration statement becomes effective. The joint underwriters, Goldman Sachs, Morgan Stanley, and Cantor Fitzgerald, are providing institutional support for the offering, while the company announced a repurchase of up to $30 million in Class A shares, contingent upon the successful closing of the offering.
From an operational perspective, the firm reported preliminary results for the fourth quarter of 2025 exceeding consensus estimates, with projected adjusted net income between $155.5 million and $160.5 million. At the same time, loan volumes reached $2.7 billion, a year-over-year jump of 131%, and its stablecoin YLDS saw monthly growth of 198%, data that reinforce the expansion narrative.
Ultimately, the pricing after the planned closing date of February 17, 2026, will serve as immediate proof of investor appetite for a blockchain-native public equity structure. Beyond that milestone, success—or weaker demand—will influence the speed at which counterparties, regulators, and institutional investors adopt similar schemes, in a debate that no longer revolves around whether tokenization is possible, but rather how viable it is at scale.
