Figure Debuts Tokenized Stock On-Chain After $150M Offering
What happened
Following an upsized $150 million offering, Figure is debuting its tokenized stock, FGRD. The shares are issued natively on-chain, enabling instant settlement and featuring embedded compliance protocols. This move demonstrates a functional model for public equity markets operating on blockchain infrastructure.
Why it matters
- The $150 million offering was an upsized secondary public offering of 4,375,000 shares of the new Series A Blockchain Common Stock at a price of $32.00 per share. Concurrently, existing shareholders sold 4,687,500 shares of the traditional Class A common stock, and Figure repurchased approximately $10 million of its shares. - FGRD shares are a distinct class of stock ("Series A Blockchain Common Stock") issued directly on the Provenance Blockchain, not just a tokenized wrapper for traditional DTCC-held securities. This structure allows for direct on-chain holding, voting, and a one-for-one conversion into Figure's Class A common stock at any time. - The tokenized shares trade on Figure's On-Chain Public Equity Network (OPEN), which features a limit order book on Figure's Alternative Trading System (ATS). Market makers like Jump Trading and custody providers such as BitGo are supporting the network to ensure liquidity and security. - A key feature for asset utilization is the integration with Figure's "Democratized Prime," a DeFi protocol that allows FGRD holders to lend their shares or use them as collateral. This aims to disintermediate prime brokers and allow shareholders to earn yield from stock lending. - The OPEN platform is designed with embedded compliance, including automated regulatory reporting and investor verification systems built into the Provenance Blockchain protocol to address AML and KYC requirements. - Prior to this equity launch, Figure and its partners had already originated over $22 billion in loans on-chain, establishing the Provenance Blockchain as a significant ledger for real-world asset (RWA) tokenization. - The offering saw participation from crypto investment firm Pantera Capital, signaling interest from established digital asset investors in this new model for on-chain equity.
Key numbers
- Following an upsized $150 million offering, Figure is debuting its tokenized stock, FGRD.
- - The $150 million offering was an upsized secondary public offering of 4,375,000 shares of the new Series A Blockchain Common Stock at a price of $32.00 per share.
- Concurrently, existing shareholders sold 4,687,500 shares of the traditional Class A common stock, and Figure repurchased approximately $10 million of its shares.
- Prior to this equity launch, Figure and its partners had already originated over $22 billion in loans on-chain, establishing the Provenance Blockchain as a significant ledger for real-world asset (RWA) tokenization.
What happens next
- This aims to disintermediate prime brokers and allow shareholders to earn yield from stock lending.
- Prior to this equity launch, Figure and its partners had already originated over $22 billion in loans on-chain, establishing the Provenance Blockchain as a significant ledger for real-world asset (RWA) tokenization.
Quick answers
What happened in Figure Debuts Tokenized Stock On-Chain After $150M Offering?
Following an upsized $150 million offering, Figure is debuting its tokenized stock, FGRD. The shares are issued natively on-chain, enabling instant settlement and featuring embedded compliance protocols. This move demonstrates a functional model for public equity markets operating on blockchain infrastructure.
Why does Figure Debuts Tokenized Stock On-Chain After $150M Offering matter?
The $150 million offering was an upsized secondary public offering of 4,375,000 shares of the new Series A Blockchain Common Stock at a price of $32.00 per share. Concurrently, existing shareholders sold 4,687,500 shares of the traditional Class A common stock, and Figure repurchased approximately $10 million of its shares. FGRD shares are a distinct class of stock ("Series A Blockchain Common Stock") issued directly on the Provenance Blockchain, not just a tokenized wrapper for traditional DTCC-held securities. This structure allows for direct on-chain holding, voting, and a one-for-one conversion into Figure's Class A common stock at any time. The tokenized shares trade on Figure's On-Chain Public Equity Network (OPEN), which features a limit order book on Figure's Alternative Trading System (ATS). Market makers like Jump Trading and custody providers such as BitGo are supporting the network to ensure liquidity and security. A key feature for asset utilization is the integration with Figure's "Democratized Prime," a DeFi protocol that allows FGRD holders to lend their shares or use them as collateral. This aims to disintermediate prime brokers and allow shareholders to earn yield from stock lending. The OPEN platform is designed with embedded compliance, including automated regulatory reporting and investor verification systems built into the Provenance Blockchain protocol to address AML and KYC requirements. Prior to this equity launch, Figure and its partners had already originated over $22 billion in loans on-chain, establishing the Provenance Blockchain as a significant ledger for real-world asset (RWA) tokenization. The offering saw participation from crypto investment firm Pantera Capital, signaling interest from established digital asset investors in this new model for on-chain equity.
